By Mauro Orru

Novartis AG said Wednesday that it has reached an option and license agreement with clinical-stage biotech company Molecular Partners AG to develop, produce and commercialize Molecular Partners' anti-Covid-19 DARPin program.

Novartis said the program consists of two therapeutic candidates, namely the MP0420 and MP0423.

Molecular Partners is set to receive an upfront payment of 60 million Swiss francs ($66 million), including equity, with a further payment of CHF150 million, once Novartis agrees to take up the option to both therapeutic candidates.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

October 28, 2020 02:48 ET (06:48 GMT)

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