Swiss drugmaker Novartis will pay up to $2.9 billion for PTC Therapeutics' promising experimental drug for a neurological disorder called Huntington's disease, sending the U.S.-based biotech's shares up about 14% on Monday.

A common heart drug has shown promise to delay the onset of Huntington's disease -- a progressive and inherited brain disorder that causes nerve cells in the brain to break down, according to a new study.

Monday’s agreement comes days after PTC discontinued the development of another asset, utreloxastat, due to disappointing Phase II data in amyotrophic lateral sclerosis.