Mon May 19, 2014 4:59pm EDT
<span id="articleText"/>(Reuters) - Ophthotech Corp said it granted the rights to market its experimental eye drug outside the United States to a unit of Novartis AG.
<span id="midArticle_0"/>Ophthotech's shares rose as much as 29 percent in trading after the bell.
<span id="midArticle_1"/>The company said it could receive immediate payments, including upfront fees of $200 million and milestone payments of $130 million.
<span id="midArticle_2"/>Ophthotech said it could receive over $1 billion in upfront and milestone payments over the course of the collaboration, not including royalties on potential sales of the drug, Fovista.
<span id="midArticle_3"/>Fovista is being tested in late-stage studies for the treatment of wet age-related macular degeneration (AMD), which is caused by abnormal blood vessels leaking blood or fluid into the retina.
<span id="midArticle_4"/>The drug is designed to be used in combination with anti-VEGF drugs, the standard treatment for wet AMD, which prevent new blood vessels from forming in the eye.
<span id="midArticle_5"/>Ophthotech said Novartis would develop and market the technology such as a pre-filled syringe to deliver the injectable eye drug.
<span id="midArticle_6"/>Ophthotech said it expects initial data from Fovista's development program in 2016.
<span id="midArticle_7"/>The company said it will file for approval of the drug in the United States, and will collaborate with Novartis to seek approval outside the country.
<span id="midArticle_8"/>Ophthotech's shares closed at $31.46 on the Nasdaq on Monday.
<span id="midArticle_9"/><span id="midArticle_10"/><span id="midArticle_11"/>(Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)
<span id="midArticle_12"/>
<span id="articleText"/>(Reuters) - Ophthotech Corp said it granted the rights to market its experimental eye drug outside the United States to a unit of Novartis AG.
<span id="midArticle_0"/>Ophthotech's shares rose as much as 29 percent in trading after the bell.
<span id="midArticle_1"/>The company said it could receive immediate payments, including upfront fees of $200 million and milestone payments of $130 million.
<span id="midArticle_2"/>Ophthotech said it could receive over $1 billion in upfront and milestone payments over the course of the collaboration, not including royalties on potential sales of the drug, Fovista.
<span id="midArticle_3"/>Fovista is being tested in late-stage studies for the treatment of wet age-related macular degeneration (AMD), which is caused by abnormal blood vessels leaking blood or fluid into the retina.
<span id="midArticle_4"/>The drug is designed to be used in combination with anti-VEGF drugs, the standard treatment for wet AMD, which prevent new blood vessels from forming in the eye.
<span id="midArticle_5"/>Ophthotech said Novartis would develop and market the technology such as a pre-filled syringe to deliver the injectable eye drug.
<span id="midArticle_6"/>Ophthotech said it expects initial data from Fovista's development program in 2016.
<span id="midArticle_7"/>The company said it will file for approval of the drug in the United States, and will collaborate with Novartis to seek approval outside the country.
<span id="midArticle_8"/>Ophthotech's shares closed at $31.46 on the Nasdaq on Monday.
<span id="midArticle_9"/><span id="midArticle_10"/><span id="midArticle_11"/>(Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)
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