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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