SAN FRANCISCO (AP) -- Sirna Therapeutics Inc. said Thursday that it could make up to $250 million from a multiyear partnership with Allergan Inc. to develop compounds to treat age-related blindness. Sirna shares jumped 77 cents, or 16.7 percent, to $5.37 in premarket trading.
The company said it will receive a $5 million payment up front and will be eligible for up to $245 million in milestone payments as the companies develop Sirna's genetically based treatment for age-related macular degeneration, or AMD, and other gene targets related to eye diseases. AMD is a condition where abnormal blood vessels grow in front of the retina and leak, causing blindness.
Under the agreement, Sirna will also get contract manufacturing revenues and royalties. The company has a AMD product candidate, Sirna-027, in early stage clinical trials. Allergan will take on all development and commercialization activities for Sirna-027 and any compounds resulting from the partnership.
Sirna booked about $1.5 million in revenue in 2004.
In July, Allergan also partnered with drug developer Pharmacopeia Drug Discovery Inc. to develop compounds to treat AMD.
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