Portola Pharmaceuticals Enters Worldwide License Agreement for Development and Commercialization of Novel Antiplatelet Drug...( -- Portola to Receive $75 Million Upf...),Health

-- Portola to Receive $75 Million Upfront Cash Payment, $500 Million in Potential Milestone Payments Plus Royalties on Future Sales --

SOUTH SAN FRANCISCO, Calif., Feb. 12 /PRNewswire/ -- Portola Pharmaceuticals, Inc., a privately-held biopharmaceutical company developing innovative drugs that provide significant advances in cardiovascular disease, inflammatory disease and cancer, today announced an exclusive worldwide license agreement with Novartis to develop and commercialize elinogrel, Portola's novel, proprietary intravenous (i.v.) and oral P2Y12 ADP receptor antagonist currently in Phase 2 clinical development. Elinogrel has shown potential to offer clinical improvements over current anti-clotting medications in helping patients avoid heart attacks and strokes.

Under terms of the agreement, Novartis will make an upfront cash payment to Portola of $75 million. Portola is eligible to receive additional cash payments totaling up to $500 million upon achievement of certain development, regulatory and commercialization milestones. Portola will also receive royalties on worldwide net sales of elinogrel. In addition, Portola has an option to co-promote elinogrel in the United States limited to hospitals and specialty markets.

Novartis will fund all future Phase 3 clinical trials of elinogrel and share costs of ongoing and planned Phase 2 trials. The agreement also provides Portola with an option to co-fund Phase 3 clinical trials and other development activities in return for additional royalties. The agreement is subject to review by the U.S. government under the Hart-Scott-Rodino Act and becomes effective after the expiration or earlier termination of the waiting period (or any extension thereof).

"Novartis is a global leader in cardiovascular drug development and marketing, which makes it an ideal partner to help us achieve elinogrel's therapeutic and market potential," said Charles Ho
'/>"/>