Isis Pharmaceuticals, Inc.
) announced that it has received a milestone payment of $2
The milestone payment was related to the advancement of the
ongoing randomized, double-blind, placebo-controlled,
fifteen-month international phase II/III study (n ~ 200), which
is evaluating the use of ISIS-TTR in patients suffering from
familial amyloid polyneuropathy (FAP). Share price of Isis Pharma
was up on the news.
BIOGEN IDEC INC (BIIB): Free Stock Analysis
GLAXOSMITHKLINE (GSK): Free Stock Analysis
ISIS PHARMACEUT (ISIS): Free Stock Analysis
SANOFI-AVENTIS (SNY): Free Stock Analysis
To read this article on Zacks.com click here.
We remind investors that in Feb 2013, Isis Pharma received a $7.5
million milestone payment from Glaxo pertaining to the initiation
of the above study.
The U.S Food and Drug Administration (FDA) has granted both fast
track designation and orphan drug status for ISIS-TTR in the FAP
indication. Isis Pharma is developing ISIS-TTR in collaboration
with Glaxo for the potential treatment of transthyretin (TTR)
As per the terms of the agreement, Isis Pharma has already
received upfront and milestone payments of $20 million from Glaxo
prior to the dosage of the first patient in the study. Following
the receipt of the $2 million payment, Isis Pharma is eligible to
receive further milestone payments of $48 million for the
advancement of the phase II/III study.
Glaxo has an option to exclusively license ISIS-TTR. Isis Pharma
will be eligible to receive further license fee, regulatory and
sales milestone payments and double-digit royalties on ISIS-TTR
net sales if Glaxo exercises this option.
Isis Pharma, a Zacks Rank #3 (Hold) stock, received a major boost
earlier this year when its cholesterol management drug, Kynamro,
was launched in Mar 2013. Isis Pharma developed Kynamro in
collaboration with Genzyme, a
) company. We expect investor focus to remain on the product's
Other companies that currently look well-positioned include
Biogen Idec Inc.
) carrying a Zacks Rank #1 (Strong Buy).