Portola Pharmaceuticals agreed to sell rights to its anti-clotting drug elinogrel to Novartis AG. Elinogrel is undergoing midstage development and could be a major competitor to Plavix, a blockbuster drug by Bristol-Myers Squibb and Sanofi-Aventis. Portola initially will receive $75 million from Novartis and is entitled to as much as $500 million in milestone payments.

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