By Colin Kellaher
Intec Pharma Ltd. (NTEC) on Wednesday said Novartis AG (NOVN.EB, NVS) has terminated an agreement for the development of a custom-designed Accordion Pill for a proprietary compound.
The Jerusalem clinical-stage biopharmaceutical company said that although the program met Novartis' technical and pharmacokinetic clinical specifications, the Swiss drug maker decided that it no longer meets its mid- to long-term strategic goals.
Intec said it will receive $1.5 million from Novartis on the conclusion of the program.
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