Novartis Pharma AG and Vanda Pharmaceuticals Inc. said Monday that they reached a deal worth up to $265 million that gives Novartis exclusive rights to sell Vanda's schizophrenia drug Fanapt in the U.S. and Canada.
The deal amends an earlier agreement between the companies. Under its terms, East Hanover, N.J.-based Novartis, an affiliate of Novartis AG, will be able to distribute an oral tablet form of the drug in both countries. It will also be responsible for clinical development in both countries, such as developing and selling a long-acting injectable form of Fanapt.
Rockville, Md.-based Vanda will keep the rights to sell Fanapt in an oral and injectable form outside Canada and the U.S.
