ISIS Pharmaceuticals Cuts License Deal With Bayer AG
Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) gained more than 3 percent after the company agreed to license its developmental blood-thinning drug to a unit of Bayer AG (OTC: BAYRY).
Carlsbad, California-based Isis changed hands recently at $60.35, up 3.6 percent.
Under the license, Isis expects an upfront payment of $100 million on the drug, called ISIS-FRXI, and an additional $55 million following following a Phase II study in patients with compromised kidney function.
Isis posted 2014 revenue of $214.2 million.
Isis is also eligible to receive milestone payments as the drug advances toward the market as well as tiered royalties in the low to high 20 percent range on gross margins of the drug.
Bayer HealthCare will pay for all development, regulatory and commercialization costs, and plans to evaluate the drug in patients for whom currently available anticoagulants may not be used.
According to data published in December, in a Phase 2 study of knee replacement patients, treatment with ISIS-FXIR resulted in a seven-fold lower rate of dislodged blood clots compared with those treated with enoxaparin, a commonly used anticoagulant.
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