Quark Pharmaceuticals has granted Novartis an option to obtain an exclusive worldwide license to develop and commercialize its p53 temporary inhibitor siRNA drug QPI-1002 currently in Phase II development.

Quark will receive a $10 million upfront payment. If Novartis exercises the option, Quark would receive option exercise fees and milestone payments that could potentially total $670 million, as well as potential royalties on sales.

Dr. Daniel Zurr, Quark’s chief executive officer, stated, “We are very pleased to have reached this agreement with Novartis. We believe that Novartis represents an outstanding partner for Quark. With its world-leading expertise in transplantation and acute care Novartis will provide invaluable support to the global development of QPI-1002.”