Novartis is entering into partnership with Genvec for their hearing and balance loss restoration programme.They are spending 5 million upfront to Genvec showing their convidence in Genvec's technology.
If the programme succeeds Genvec will recieve a further 214 million which is a great incentive for Genvec to achieve their goal.
It is nice to know that a pharmaceutical giant with about 99,000 employees and 2008 net income of more than $8 billion has finally come to play in the field of hearing and balance loss.
See :
http://triangle.bizjournals.com/triangle/stories/2010/01/18/daily16.html
http://www.news-medical.net/news/20100119/GenVec-and-Novartis-collaborate-to-develop-novel-treatments-for-hearing-loss-and-balance-disorders.aspx
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