Market Overview

GlaxoSmithKline, Isis Pharma Announced Strategic Alliance (GSK,ISIS)

3/31/2010- GlaxoSmithKline (NYSE: GSK) and Isis Pharmaceuticals (NASDAQ: ISIS) announced a new strategic alliance that will apply the Isis antisense drug discovery platform to seek out and develop new therapeutics against targets for rare and serious disease.

Under the terms of the agreement, Isis will receive an upfront payment of $35 million from GlaxoSmithKline and is eligible to receive on average up to $20 million in milestones per program up to Phase 2 proof-of-concept.

GSK will have the option to license compounds at proof-of-concept and will be responsible for all further development and commercialization. In the event that all six programs are successfully developed, Isis will be eligible to receive license fees and milestone payments.

GSK senior vice president and head of drug discovery Dr. Patrick Vallance said, "As a platform, the Isis antisense approach offers us an exciting opportunity to target certain severe diseases in a way that has not previously been possible. Isis Pharmaceuticals is a leader in antisense technology, and this new alliance will enhance our discovery platform in this promising research area."

Write to Chip Brian at cbrian@tradethetrend.com

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