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Biogen Idec
BIIB and Isis Pharmaceuticals, Inc.
ISIS today announced
that they have entered into a global collaboration agreement under which the
companies will discover and develop antisense drugs against three undisclosed
targets to treat neurological or neuromuscular disorders. Biogen Idec and
Isis are also developing antisense drugs to treat spinal muscular atrophy and
myotonic dystrophy type 1 under previously established collaborations.
Under the terms of the agreement, Isis will receive an upfront payment of $30
million and is responsible for the discovery of a lead antisense drug for each
of the three undisclosed targets. Isis is eligible to receive substantial
development milestone payments to support research and development of each
program prior to the exercise by Biogen Idec of its option to license each
program. Biogen Idec has the option to license a drug from each of the three
programs through the completion of Phase 2 trials. Isis could receive up to
another $200 million in a license fee and regulatory milestone payments per
program. In addition, Isis will receive double-digit royalties on sales of
drugs. Isis will be responsible for development of the drugs through the
completion of the initial Phase 2 clinical trial, with Biogen Idec providing
advice and assistance on research and the clinical trial design and conduct
and regulatory strategy for each program. If Biogen Idec exercises its option,
it will assume global development, regulatory and commercialization
responsibilities.
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