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Aug 6, 2010

GenVec and Novartis Cement Hearing Loss Partnership with Manufacturing Deal

  • GenVec could be eligible to receive about $13 million from Novartis over the next four years as part of a deal for the manufacture of clinical trials material for up to two lead candidates in development through the firms’ existing collaboration in hearing loss and balance disorders.

    GenVec and Novartis teamed up in January for the hearing loss and balance disorders partnership, which is centered on GenVec’s preclinical program that aims to use adenovector technology to deliver the atonal gene. The firm claims preclinical studies have suggested the approach may have the potential to restore hearing and balance functionality.

    The original deal between GenVec and Novartis included a $5 million up-front payment to GenVec and the purchase by Novartis of $2 million worth of GenVec stock. The latter will also receive research funding to support the development of additional adenovectors for hearing loss. GenVec could receive up to an additional $208.6 million from Novartis, excluding sales royalties, if relevant clinical, regulatory, and sales milestones are met.

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