Irvine Drug Producer Signs Novartis Deal For Myopia Treatment
Irvine-based Valley Forge Pharmaceuticals Inc. has granted development and commercial rights for its nearsightedness drug to a unit of Novartis AG.
Atlanta-based Novartis Ophthalmics, the eye arm of the Swiss drug maker, licensed Valley Forge’s Pirenzepine. Financial terms weren’t disclosed.
Under the deal, Novartis Ophthalmics is set to market Pirenzepine worldwide, pending passage of third-phase clinical trials and regulatory approvals.
Pirenzepine, a gel applied twice a day, now is in second-phase trials.
The drug cut the progression of nearsightedness by at least half in the first 12 months of treatment in children, according to Valley Forge.
Paul Lopez, Valley Forge’s chief executive, called the Novartis deal “an important milestone for Valley Forge Pharmaceuticals.”
“We look forward to a productive collaboration,” Lopez said.
Pirenzepine “could set new standards for the treatment of (nearsightedness), since there is no pharmacological therapy available today,” said Dr. Flemming Ornskov, Novartis Ophthalmics’ top official.
Nearsightedness, which affects some 50 million people ages 5 to 19 in industrialized countries, is “one of the most important unmet needs in ophthalmics,” according to Ornskov.
, Vita Reed
