UPDATE: Isis to Receive Up to $14M from Pfizer for Its Acquisition of Excaliard Pharmaceuticals
Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it will receive up to $14 million from Pfizer Inc. (NYSE: PFE) for its equity ownership of Excaliard Pharmaceuticals, Inc. from Pfizer's acquisition of Excaliard. Upon closing of the acquisition, Isis will receive an initial $4.4 million. Contingent payments of up to an additional $9.6 million could be paid to Isis upon achievement of various milestones associated with the clinical and commercial progress of EXC 001.
In addition, Isis will continue to be eligible for milestone and royalty payments under its licensing agreement with Excaliard for EXC 001. The acquisition of Excaliard by Pfizer exemplifies the potential of Isis' strategy to partner antisense drugs in diseases that are outside of Isis' main therapeutic areas of focus and benefit financially from these partnerships.
