Novartis, Genentech in Eye Drug Deal

Novartis, Europe’s third-largest drug maker, agreed to help Genentech Inc. develop and market its experimental eye treatment Lucentis, which treats the main cause of blindness in people over 50.

The pair will split Lucentis’ development costs, and Novartis will sell it outside the U.S., Canada and Mexico. Genentech will get undisclosed research payments and royalties on sales, Switzerland-based Novartis said.

South San Francisco-based Genentech’s shares rose 5 cents to $71.70 on the NYSE.