Ophthotech Corp said it could potentially receive over $1 billion in payments as part of a licensing deal for its experimental eye drug with Novartis AG .Ophthotech's shares rose as much as 29 percent in trading after the bell.The company said on Monday that a unit of Novartis will market its lead experimental eye drug, Fovista, outside the United States.Ophthotech said it could receive immediate and near-term milestone payments of up to $330 million and is eligible to get ex-US marketing approval and sales milestone payments of up to $700 million.
Novartis AG provides healthcare solutions. The Company is a multinational group of companies specializing in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. Shares of NVS fell by 0.4% or $-0.36/share to $89.52. In the past year, the shares have traded as low as $67.67 and as high as $90.01. On average, 1832600 shares of NVS exchange hands on a given day and today's volume is recorded at 1882905.
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