Ophthotech Corporation (NASDAQ:OPHT) announced its entry into an ex-US licensing and commercialisation agreement with Novartis Pharmaceuticals focused on the treatment of wet age-related macular degeneration (AMD). Under the agreement, Ophthotech has granted Novartis exclusive rights to commercialize Ophthotech’s lead product candidate, “Fovista”, in markets outside the United States. Ophthotech will retain sole rights to commercialize the drug in the United States. According to the Ophthotech press release, potential payments to Ophthotech under the agreement could total “over $1 billion in upfront and milestone payments, not including future royalties”.