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Ophthotech Corp. (OPHT) Is Up Sharply After Reaching Deal With Novartis

( - Ophthotech Corp. (OPHT) announced after the bell Monday that its has entered into an ex-US licensing and commercialization agreement with Novartis Pharmaceuticals focused on the treatment of wet age-related macular degeneration. Ophthotech has granted Novartis exclusive rights to commercialize Fovista in markets outside the United States.

Ophthotech has gapped open dramatically higher Tuesday morning and is now up 7.26 at $38.72 on above average volume. The stock has jumped to a 2-month high.

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