No­var­tis-al­lied Oph­thotech blitzed af­ter a pair of PhI­II dis­as­ters for wet-AMD fran­chise drug

Oph­thotech $OPHT had every­thing go­ing for it when it struck a $1 bil­lion-plus part­ner­ship with No­var­tis on its late-stage wet-AMD drug Fo­vista back in 2014. The an­ti-PDGF — de­signed to go hand-in-hand with an an­ti-VEGF like Lu­cen­tis — had suc­cess­ful­ly nav­i­gat­ed a pos­i­tive Phase IIb. And a suc­cess­ful IPO in 2013 added cash as in­vestors bought in­to its promise. No­var­tis it­self agreed to pay $330 mil­lion in up­front and near-term cash to get the deal done — a siz­able sum.

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