Vernalis PLC Gets 1.5 Million stg Milestone Payment from Novartis Pharmaceuticals Corporation for Oncology Product

LONDON (Thomson Financial) - Vernalis PLC has received milestone payments of 1.5 mln stg from Novartis after its Hsp90 oncology product reached the clinical trial phase. The compound can be used to treat a range of different tumours. The deal was the result of an earlier collaboration with Cancer Research Technology and the Institute of Cancer Research, each of which are entitled to a proportion of the revenues from the Novartis deal.