Myogen Inc announced a research collaboration with Novartis Institutes for BioMedical Research, Inc, an affiliate of Novartis AG, for the discovery and development of novel drugs for the treatment of cardiovascular disease.

In exchange for undisclosed signing fees and research funding for a minimum of three years, Novartis obtained the exclusive right to license new drug targets and new product candidates developed through the collaboration.

Novartis will fund further development of licensed drug targets and product candidates, make additional payments conditioned upon the achievement of certain milestones for each product that is developed as a result of the collaboration and pay Myogen royalties for sales of any products that are successfully commercialized. Myogen has an option to enter into a co-promotion agreement with Novartis for certain markets, subject to the Company reimbursing Novartis for certain costs incurred through the completion of Phase II trials as well as a commensurate portion of future development and marketing costs.