Biogen Idec signs potential $345m license deal

Globe Staff

Biogen Idec, the Weston biotechnology company, said it has signed an agreement with Knopp Neurosciences for an exclusive worldwide license to develop and commercialize KNS-760704, a potential treatment of amyotrophic lateral sclerosis, which is also known as ALS or Lou Gehrig's disease.

"As part of the transaction, Biogen Idec will purchase $60 million of Knopp stock, provide an up-front payment of $20 million, and additional payments of up to $265 million based on the achievement of development, regulatory, and sales milestones," Biogen Idec said in a press release. "Biogen Idec will also pay tiered, double-digit royalties to Knopp on worldwide sales."

Knopp is a privately held biopharmaceutical company based in Pittsburgh.