7:08AM ISIS Pharm earns $10 mln milestone payment from Biogen Idec (BIIB) for advancement of ISIS-DMPK Rx to treat myotonic dystrophy (ISIS) 32.41 : Co announces that it has earned a $10 mln milestone payment from Biogen (BIIB) related to the selection and advancement of ISIS-DMPKRx to treat myotonic dystrophy type I.
Strategic Alliance Update:
In June 2012, Isis entered into an alliance with Biogen Idec to discover and develop an antisense drug targeting DMPK for the treatment of DM1. Under the terms of the agreement, Isis received an upfront payment of $12 mln and is eligible to receive up to $59 mln in milestone payments associated with the clinical development of ISIS-DMPKRx, including this $10 mln milestone payment.
Biogen Idec has the option to license ISIS-DMPKRx from Isis up through completion of the Phase 2 study. Isis could receive up to another $200 mln in a license fee and regulatory milestone payments plus double-digit royalties on sales of ISIS-DMPKRx. Isis is responsible for global development of ISIS-DMPKRx through completion of Phase 2 clinical studies, with Biogen Idec providing advice on the clinical study design and regulatory strategy. If Biogen Idec exercises its option, it will assume global development, regulatory and commercialization responsibilities.
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