Genelabs up on Novartis HCV deal

On Monday, GNLB gained $1.54 (203%) to $2.30 on 24.1 million shares after partnering with Novartis (NVS; SWX:NOVN) to identify and develop small molecule non-nucleoside inhibitors to treat HCV. GNLB will receive $20 million over the initial two-year research term, including $12.5 million up front. NVS has an option to extend the research funding to a third year and has a right of first negotiation for GNLB's preclinical HCV non-structural protein 5A inhibitor program. GNLB is eligible for $175 million in potential milestones, plus royalties. Lazard advised GNLB. ...