Quark Nabs Novartis Option Deal
Luke Timmerman8/18/10
Quark Pharmaceuticals, the Fremont, CA-based developer of RNA interference drugs, said today it has struck a deal to provide Novartis with an option on an exclusive worldwide license to a new kidney treatment. Quark is getting $10 million in upfront cash, and could receive as much as $670 million in milestone payments, plus royalties on sales, if Novartis exercises its option to co-develop QPI-1002. The drug, which uses RNA interference techniques to silence the p53 protein, is being developed to prevent acute kidney injury in patients undergoing heart surgery.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
