6 March, 2009
A Manchester-based business has received a huge boost after it signed a deal on collaboration with global pharmaceutical firm Novartis.
Biotechnology and research services firm Epistem has revealed a major agreement with Novartis that will see the two companies working closely on research and development of new drug targets and therapeutics across a variety of disease areas.
Epistem saw its shares surge on the announcement of the multi-million dollar agreement that will help to bring considerable new investment into the area.
"The collaboration will enable us to accelerate the development of our existing targets with a world class pharmaceutical collaborator and to jointly explore disease opportunities in regenerative medicine," said Epistem chief executive Matthew Walls.
Under the terms of the agreement, Epistem will benefit from a $4 million (£2.8 million) injection of funding to help with its research projects.
The announcement is another shot in the arm for businesses in the north-west, coming after Chinese manufacturer Galanz announced plans to set up its UK base in Manchester.
Source: Invest in England's Northwest