GenVec Inc. (NASDAQ: GNVC) reported Tuesday that the biotechnology company entered a development deal with Novartis for potential hearing-loss treatments, according to Associated Press.
GenVec said it is licensing worldwide rights to its preclinical hearing loss and balance disorders program to Novartis for $5 million upfront and a $2 million stock purchase. The program is still in the laboratory stage of development.
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GenVec will also receive funding from Novartis for a research program focused on hearing loss and GenVec is eligible for up to $213.6 million in other payments, based on research and sales milestones.
Shares of GenVec jumped 25 cents, or 15 percent, to $1.99 on Tuesday afternoon.
Novartis shares rose 84 cents to $53.72 in the New York Stock Exchange trading.
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