Alnylam will get Regulus payment
Alnylam Pharmaceuticals Inc., a Cambridge company focused on using RNA interference technology to develop drugs, said it is in line to receive a $1.8 million payment from Regulus Therapeutics Inc., a California company it helped form with Isis Pharmaceuticals Inc. in 2007.
The alliance is "valued at potentially over $750 million, and includes a $25 million upfront fee, a $10 million future equity investment subject to mutual agreement on company valuation, and annual research support for three years with the option to extend two additional years," Alnylam and Isis said in a press release of their own.
Alnylam and California-based Isis each currently own about 50 percent of Regulus's preferred stock. As a result of the alliance between Regulus and sanofi-aventis, Alnylam and Isis will each receive a payment of $1.8 million from Regulus. That amount represents 7.5 percent of the $25 million upfront payment from sanofi-aventis to Regulus.
"In addition, Alnylam and Isis are each eligible to receive a similar percentage of potential future success-based milestone payments from the alliance," Alnylam and Isis said in their press release.