Novartis becomes shareholder in Israel-based biotech Ayala Pharmaceuticals

Novartis has confirmed its plan to become a leader in oncology, indeed some days ago it announced a cooperation agreement with Israel-based Ayala Pharmaceuticals (Rehovot). Ayala has developed a unique approach to genomically-defined cancers. The agreement covers the AL102 candidate therapy, an inhibitor of gamma secretase enzyme developed by Ayala for the treatment of multiple myeloma. As part of the agreement, Novartis will cover the costs for research and clinical trials and will become a shareholder in Ayala, by buying its shares for a total of $10m. If AL102 reaches precise, previously set milestones, Novartis will pay Ayala an amount which has not been disclosed yet.

(Source: Ayala)