Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it has earned a $10 million milestone payment from Biogen Idec for initiating the investigational new drug (IND)-supporting studies of ISIS-BIIB4Rx. ISIS-BIIB4Rx is a recently identified development candidate designed to inhibit an undisclosed target to treat a neurodegenerative disease. ISIS-BIIB4Rx is the fourth drug to enter development as part of Isis' broad collaboration with Biogen Idec and is a distinct target and disease indication from ISIS-BIIB3Rx, which entered development in late 2014.
"Our collaboration with Biogen Idec is one of the most productive collaborations we have. We have significantly expanded the application of our technology in neurology, and we now have four drugs in development as part of our broad Biogen Idec collaboration. As each of these programs advances, not only will we continue to earn additional milestone payments, but we will also continue to benefit from Biogen Idec's active participation in these programs, lending their resources and expertise," said C. Frank Bennett, Ph.D., senior vice president of research at Isis Pharmaceuticals.
As ISIS-BIIB4Rx advances in development, Isis is eligible to receive up to $249 million in additional milestone payments and a license fee, including amounts related to the costs of clinical trials. In addition, Isis is eligible to receive double-digit royalties from sales of ISIS-BIIB4Rx.
Isis Pharmaceuticals, Inc.