Portola Pharma Signs $575m Deal with Novartis
Portola Pharmaceuticals Inc. has signed a global licensing agreement with Novartis to develop and commercialize elinogrel, an anti-clotting agent for helping patients avoid heart attacks and strokes. Under terms of the agreement, Portola will receive a $75 million up-front cash payment, up to $500 million in potential milestone payments and additional royalties on future sales. Portola has raised around $220 million in VC funding, from firms like Abingworth Management, Advanced Technology Ventures, AllianceBernstein, Alta Partners, Brookside Capital, CIDC Consulting, D.E. Shaw, Frazier Healthcare Ventures, Goldman Sachs, IBT Management Corp., MPM Capital, Prospect Venture Partners, Sutter Hill Ventures, Teachers' Private Capital, T. Rowe Price, Apothecary Capital, Janus Capital and PAC-Link BioVentures.
