Cerulean, Novartis to develop drug conjugates
Cerulean Pharma Inc. (NASDAQ:CERU) gained $0.27 (40%) to $0.95 after announcing a deal with Novartis AG (NYSE:NVS; SIX:NOVN) to develop nanoparticle-drug conjugates (NDCs). The partners will pair Cerulean's Dynamic Tumor Targeting platform with Novartis compounds against up to five targets. The platform is designed to create molecules that attack tumor cells selectively and reduce toxicity.
Cerulean received $5 million up front in the agreement and is eligible for $1.2 billion in milestones among the five programs, including $41.5 million in development and regulatory milestones and $185 million in sales milestones for each target, plus tiered royalties. Novartis will have exclusive development and commercialization rights to any candidates. ...