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Novartis AG Pays GW Pharmaceuticals $5 Million Upfront for Sativex Rights in Multiple Territories


4/11/2011 7:59:15 AM

LONDON (Dow Jones)--U.K. drug maker GW Pharmaceuticals PLC (GWP.LN) Monday said it has signed a license deal with Novartis AG (NOVN.VX) to commercialize its cannabis-based multiple sclerosis treatment Sativex in a range of markets including Australia, parts of Asia and Africa.

Under the agreement, GW will get an upfront payment of $5 million and receive a further $28.75 million dependent on certain approvals and commercial milestones.

Novartis will have exclusive rights to sell Sativex in Australia; New Zealand; Asia, excluding Japan and China; the Middle East, excluding Israel; and Africa. Regulatory filings for the treatment will be submitted in some of these regions during 2011, GW said.


   

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