UPDATE 1-Quark Pharma, Novartis sign $670-mln drug deal

* Quark grants Novartis rights to license kidney drug

* Quark will initially get non-refundable fee of $10 mln

Aug 18 (BestGrowthStock) – Privately held Quark Pharmaceuticals Inc
said it signed a $670 million deal to license its experimental
drug that helps prevent kidney damages to the Swiss drugmaker
Novartis (NOVN.VX: ).

The deal will give Novartis the option to obtain an
exclusive worldwide license to Quark’s experimental drug
QPI-1002.

QPI-1002 is being developed for the prevention of acute
kidney injury in patients undergoing major cardiovascular
surgery or kidney damages related to transplants.

The drug is currently in its mid-stage trial and belongs to
the class of RNA inhibitors, or RNAi — designed to silence
genes responsible for producing disease-causing proteins.

As per the agreement with Novartis, Quark will receive an
upfront payment of $10 million and could also be eligible for
option exercise fees and certain milestone payments that could
potentially total $670 million.

(Reporting by Krishnakali Sengupta in Bangalore; Editing by
Prem Udayabahnu)

UPDATE 1-Quark Pharma, Novartis sign $670-mln drug deal