Intec Announces Termination Of Feasibility And Option Agreement With Novartis For The Development Of Accordion Pill; Novartis To Pay Intec $1.5M

Intec Pharma Ltd. (NASDAQ:NTEC) ("Intec" or "the Company") today announces the termination of the Feasibility and Option agreement with Novartis for the development of a custom-designed Accordion

Benzinga · 12/11/2019 12:33

Intec Pharma Ltd. (NASDAQ:NTEC) ("Intec" or "the Company") today announces the termination of the Feasibility and Option agreement with Novartis for the development of a custom-designed Accordion Pill® (AP) for a proprietary Novartis compound, despite the AP having met the technical and pharmacokinetic (PK) clinical specifications set forth by Novartis. Novartis, following an internal and revised commercial strategic assessment, advised Intec that this program no longer meets Novartis' mid to long-term strategic goals. Novartis agreed to pay Intec Pharma $1.5 million USD on conclusion of the program.  

This project was originally announced in January 2018. Under the terms of the agreement, the drug and therapeutic area were not disclosed.