Novartis Sells U.S. Rights to Enablex for $400 Million

Novartis (NVS) agreed to sell the U.S. rights to bladder medicine Enablex for $400 million.

Ireland-based Warner Chilcott will take over the marketing, sales and manufacturing of the drug in the United States, Novartis said in a statement. The deal is expected to close by the end of October.

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Novartis may also receive "milestone payments" of as much as $20 million.

In 2005, Novartis agreed to work with Procter & Gamble Pharmaceuticals to promote and develop the drug in the United States. Warner Chilcott purchased Procter & Gamble Pharmaceuticals in October 2009.