Company News: Mylan, Schering, MSP Singapore, Novartis and Corthera
Novartis said it is buying Corthera, a privately held US biopharma company, for $120 million and gaining rights to Phase-III heart-failure treatment Relaxin. Corthera shareholders are eligibile for additional milestone payments of up to $500 million. Novartis hopes to file Relaxin for US and European marketing approval in 2013. Separately, the Swiss company is likely to increase its stake in eyecare company Alcon, various news outlets reported. Novartis owns a 25% stake in Alcon, purchased last year from Nestle for $11 billion, and an option to buy 52% more starting next month. Nestle can also push Novartis to buy the 52%. Analysts said the deal seems likely to occur soon after the New Year, ever since Alcon's share price rose above a threshold where it makes sense for both sides. If the second step goes through, Novartis is expected to pay about $28 billion for Nestle's remaining stake.