Novartis Shares Re-maneuver After License Termination Tuesday

Novartis (NYSE:NVS) is gaining slowly in pre-market trading after Tuesday’s announcement that the company terminated licensing responsibilities with Idenix (NASDAQ:IDIX). NVS gapped down 5% on Wednesday morning with the news, but has recovered since. The license termination will save Novartis considerable money by removing milestone and royalty payments for IDIX’s Tyzeka Hepatitis B treatment. Although the company retain one of four original licenses, Novartis has freed itself from some financial restraints through the termination.