Peptimmune grants option to Novartis

Peptimmune Inc., a privately held biotechnology company in Cambridge, announced today that it has granted drug maker Novartis an exclusive option to obtain exclusive worldwide rights to develop and commercialize Peptimmune's multiple sclerosis drug candidate.

In the event that Novartis exercises the option to the MS drug candidate known as PI-2301, Novartis would assume the global clinical development, manufacturing, and marketing of PI-2301, and all associated costs, and Peptimmune could qualify for more than $500 million in payments from Novartis if all milestone conditions of the agreement are met, Peptimmune said in a press release.

To read Peptimmune's press release, please click here.
(By Chris Reidy, Globe staff)