Novartis walks away from blood vessel dilating drug

Privately-held Proteon Therapeutics is on its own to proceed into phase 3 clinicals with PRT-201 after negotiations with Novartis (NVS) fail to bear fruit. The parties could not agree on an acquisition price despite an earlier agreement specifying the right to invest up to $550M based on a successful outcome of the phase 2 trial which, indeed, happened.

The drug is a synthetic enzyme that Proteon positions as follow-on therapy for patients who undergo vascular access surgery.

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