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Novartis signs licensing deal worth up to $2.9B with PTC Therapeutics

The Swiss pharmaceutical company invests in a PTC Therapeutics program to develop treatment for Huntington’s disease.

Heerea Rikhraj

December 2, 2024

11:55 am

Credit: Getty Images / SOPA Images

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Novartis will pay PTC Therapeutics up to $2.9 billion for its oral therapy to treat Huntington’s disease in a deal announced Monday morning.

As part of the agreement, PTC Therapeutics will receive $1 billion in cash upfront from the Swiss pharma giant and is entitled to the other $1.9 billion contingent on hitting certain regulatory and commercial milestones.

Huntington’s disease, which is a fatal genetic disorder of the central nervous system caused by a defective gene, affects approximately 41,000 Americans.

Another 200,000 are at risk of developing it and symptoms include challenges in motor and cognitive activities like speech, walking and swallowing as the disease primarily affects the brain. While there is no cure, specific therapies are available to address symptoms of the disease.

Over the past few years, numerous drugmakers have prioritized developing treatments for the disease and Novartis’ deal marks a major foray into the space.

PTC Therapeutics’ drug PTC518 is currently in midstage testing as a treatment for the disease. Novartis will take control of the global development and manufacturing of the PTC518 Huntington’s disease program sometime early next year.

“PTC518 is the leading oral disease-modifying therapy in development for Huntington’s disease in development for Huntington’s disease and the economics of this agreement are consistent with the promise of this treatment,” PTC Therapeutics CEO Matthew B. Klein said in a statement. “We are excited to collaborate with Novartis to accelerate the potential of PTC518 for hundreds of thousands of HD patients worldwide.”

Going forward, PTC Therapeutics and Novartis will share the profits and losses in the U.S. – with Novartis taking home 60% of the total while PTC Therapeutics takes home the remaining 40%. PTC Therapeutics will also receive double-digit tiered royalties on sales outside of the U.S.

In light of the news, PTC Therapeutics’ stock jumped more than 13% Monday morning, topping $50 per share. The deal is a welcome change of pace for the drugmaker given that it comes one week after PTC Therapeutics announced it would abandon the development of a drug to address symptoms of ALS.

The firm held a call this morning to discuss the news with investors.

Novartis CEO Vas Narasimhan expressed his enthusiasm for the collaboration in a statement, noting that his company aims to leverage its expertise in neurodegenerative diseases to further develop the drug and assist the Huntington’s disease community.

The PTC Therapeutics licensing deal is the latest multimillion dollar announcement from Novartis has this month.

In mid-November, the drugmaker inked a $745 million partnership with radiopharmaceutical biotech Ratio Therapeutics to develop a cancer candidate. Going forward, the Swiss pharma giant will lead development, commercialization and manufacturing once the candidate has been pinpointed.

Days later, Novartis bought Kate Therapeutics, a San-Diego based biotech company focused on developing gene therapies to treat neuromuscular disorders, for up to $1.1 billion.

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Novartis signs licensing deal worth up to $2.9B with PTC Therapeutics

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