Novartis Snaps Up Corthera For $120M

Law360, New York (January 5, 2010, 3:05 PM EST) -- Novartis AG revealed plans Tuesday to shell out $120 million for U.S. biopharmaceutical company Corthera Inc., a move that will give the Swiss drug giant exclusive worldwide rights to develop relaxin, a new treatment for acute decompensated heart failure.

Under the terms of the deal, current shareholders of the privately held Corthera will be eligible to receive additional payments of up to $500 million depending on clinical milestones, regulatory approval of relaxin and the achievement of commercialization targets, Novartis said in a statement.

The transaction is...
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