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Ophthotech Corp. (OPHT) Soared Higher After Novartis Licensing Agreement

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Ophthotech Corp. (OPHT: Quote) announced after the bell Monday that it has entered into an ex-US licensing and commercialization agreement with Novartis Pharmaceuticals focused on the treatment of wet age-related macular degeneration. Ophthotech has granted Novartis exclusive rights to commercialize Fovista in markets outside the United States.

Ophthotech gapped open sharply higher Tuesday morning, but traded in a range for the majority of the session. The stock finished up by 7.70 at $39.16, with volume at nearly an 8-month high. Ophthotech surged to a 2 1/2 month high.

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by RTT Staff Writer

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