Novartis buys 12.8% stake in BioLineRX

Swiss drugmaker Novartis AG bought a 12.8 per cent stake in Israeli biopharmaceutical company BioLineRX Ltd as part of a multi-year collaboration deal, BioLineRX said on Tuesday.

Under the agreement, Novartis, which invested an initial $10 million, will evaluate projects presented by BioLineRX for development and future licensing, the Israeli firm said in a statement. They hope to develop up to three clinical projects.