Cerulean Pharma Inc. (NSDQ:CERU) said today that it inked a deal with Novartis (NYSE:NVS) to develop nanoparticle-drug conjugates. The products will match Cerulean’s tumor-targeting tech with Novartis compounds directed at up to 5 targets.
The agreement calls for Cerulean to receive $5 million plus funding for 5 full-time equivalents to develop NDC candidates. The Waltham, Mass.-based company can also receive preclinical, clinical, regulatory, and sales milestones for each target, as well as single-digit to low double-digit tiered royalties on net sales for each NDC product, following regulatory approval. Swiss biotech giant Novartis is responsible for further development and commercialization of NDC products that result from the collaboration.