Swiss pharmaceutical firm Novartis has signed a deal to acquire 12.8% of Israeli drug development firm BiolineRX. Under the arrangement, Novartis will invest $10 million in Jerusalem-based company, developing and commercializing drugs developed in Israel.
Under the deal, Novartis and BioLineRx will jointly evaluate both clinical and pre-clinical stage projects presented by BioLineRx, with Novartis deciding which projects to develop further. Upon selection of a project, Novartis will pay BioLineRx an option fee of $5 million, as well as fund 50% of the anticipated remaining development costs associated with establishing clinical proof-of-concept, in the form of an additional equity investment in BioLineRx. Read more: Novartis invests $10 million in pharma developer BiolineRX | The Times of Israel http://www.timesofisrael.com/novartis-invests-10-million-in-pharma-developer-biolinerx/#ixzz3Mg4GH0jV Follow us: @timesofisrael on Twitter | timesofisrael on Facebook
Image: Pharma worker (Photo credit: Courtesy)
