Alcon returns Aganocide rights to NovaBay

Alcon is returning the rights to the anti-infective Aganocide compounds to NovaBay Pharmaceuticals following the end of the two companies' collaborative agreement.

As per the terms of their alliance, Alcon will be transferring the global technology license for the lead Aganocide compound NVC-422, plus other backup compounds, to its original developer.

In finalising the collaboration deal, Alcon will pay its former partner $2.97 million (1.84 million pounds), which includes a termination fee plus final reimbursement for research and personnel costs.

The Aganocide compounds are a family of topical treatments for the prevention of antibiotic-resistant infection, with applications in the fields of ophthalmic, otic and sinus therapy.

A statement from NovaBay said: "NovaBay is free to continue the development of Aganocides for these areas on its own or in collaboration with new partners."

Alcon has seen a major change in its leadership structure this year following the completion of its takeover by Novartis, a deal which has created a new leader in the global eye health market.