Deal, Life Sciences, cancer

Forma, Novartis Strike Drug Deal

Ryan McBride 1/12/09

Forma Therapeutics, a Cambridge, MA-based developer of cancer drugs, reports it has struck a license and option agreement with Swiss drug giant Novartis, through Forma investor Novartis Option Fund. Novartis will pay Forma an upfront fee and potential payments of more than $200 million, providing Novartis the option to license from Forma drugs that inhibit an undisclosed protein-protein interaction in the field of oncology. (I wrote last week that Forma was expecting to announce this deal.)

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com.