Issue Date: March 16, 2009
Proteon Inks Deal With Novartis
Proteon Therapeutics has granted Novartis an exclusive option to acquire it after the successful completion of a Phase II clinical study of PRT-201, a treatment developed by the Waltham, Mass.-based biopharma company for patients with renal disease undergoing surgery for arteriovenous fistula creation. The deal with Novartis, including acquisition payment and potential milestone payments, could be worth as much as $550 million. Proteon also completed a $38 million equity financing round led by MPM Capital. PRT-201 is currently in preliminary Phase IIa trials.
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