By Marc Bisbal Arias

Novartis AG (NOVN.EB) said Wednesday that it has signed an alliance with the Bill & Melinda Gates Foundation for further development of a drug that treats the diarrheal disease cryptosporidiosis.

The Swiss company said that the Gates Foundation will provide $6.5 million to support the development of Novartis's drug candidate KDU731.

"Cryptosporidiosis is the second leading cause of infectious diarrhea in children under two years of age," Novartis said. Diarrheal diseases cause around 525,000 deaths a year.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

February 14, 2018 01:49 ET (06:49 GMT)

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