Genzyme completes licensing for cholesterol drug
Genzyme Corp., a Cambridge company known for orphan drugs, and Isis Pharmaceuticals Inc. today said that they have completed the license and collaboration agreement for the cholesterol drug candidate mipomersen.
Announced earlier this year, the collaboration provides Genzyme with exclusive worldwide rights to mipomersen, a novel lipid-lowering drug discovered and developed by Isis that is in phase 3 clinical development, the companies said in a release.
Under the agreement, Isis of California will receive a $175 million license fee from Genzyme for mipomersen, said the companies, which noted that in February, Isis received a $150 million payment from Genzyme to purchase 5 million shares of Isis common stock.
The companies also said in their press release: "The companies have updated the deal terms so that Isis will contribute up to $50 million in additional development funding for mipomersen, bringing Isis' development funding commitment up to $125 million. Thereafter Isis and Genzyme will share development costs equally. The initial Isis development funding commitment and the shared funding will end when the program is profitable. In exchange for this additional contribution, Isis has the opportunity to receive $75 million in milestone payments early."
The companies experienced a setback in April when the US Food and Drug Administration said that they must conduct additional studies of mipomersen. Click here to read that story.
(By Chris Reidy, Globe staff)
