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Novartis, Schering AG to develop cancer drug for use in AMD

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BASEL, Switzerland — Novartis has obtained exclusive rights to develop an experimental cancer drug as a treatment for age-related macular degeneration, according to a press release from the company.

Novartis announced that it will continue to partner with Schering AG to develop and promote the compound PTK787 for metastatic colorectal cancer. The drug is currently in phase 3 clinical trials for that indication.

In a separate deal, Novartis will obtain full global and exclusive developmental and commercialization rights to the compound for use in ophthalmic diseases.

The compound is an oral angiogenesis inhibitor the two companies have been jointly researching and developing since 1995, according to the Novartis press release.