Company NewsNovartis announced an agreement with Vanda Pharmaceuticals for exclusive US and Canandian rights for Fanapt, a schizophrenia treatment approved by FDA in May. The agreement included an upfront payment of $200 million, and potential milestones and sales royalties in the future. Vanda retained rights to the drug outside of the US and Canada, although Novartis has the option to discuss further collaboration as new opportunities arise.
Onyx Pharmaceuticals will acquire Proteolix, Inc., a privately-held biopharmaceutical company focused on discovering and developing therapies for hematological malignancies and solid tumors. Onyx will pay $276 million for the company, and other milestone payments pending regulatory approvals. Proteolix's lead compound is currently in clinical trials, including a phase 2b trial for relapsed and refractory multiple myeloma.