BTG sold its HySolv™ drug delivery platform to Novartis Pharma for an initial payment of $0.75 million. The deal, which calls for future milestones of up to $9.5 million, gives Novartis all patent rights and know-how relating to the technology.
HySolv was originally developed by Protherics from a patented solvent technology platform for solubilizing hydrophobic drugs in a hydrophilic environment. BTG completed its £218.1 million ($355.28 million) share-based acquisition of Protherics in December 2008.
The company’s CEO, Louise Makin, said selling HySolv to Novartis is “in line with our goal of realizing value from all of the group’s assets, while continuing to build value in our development pipeline and establishing our U.S. sales and marketing operations.”
BTG’s pipeline consists of programs in oncology, neurological, and other disorders at various stages of development. An NDA/BLA for the firm’s lead candidate, Voraxaze, has been submitted to the FDA. It is currently available in the U.S. under a treatment protocol for patients receiving high dose methotrexate (≥ 1 g/m2) who are experiencing or at risk of methotrexate toxicity.
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