Isis Pharmaceuticals, Inc.
) earned another milestone payment with partner
) adding a development candidate, ISIS-GSK3Rx, under its
collaboration with Isis Pharma.
Isis Pharma earned a milestone payment of $7 million related
to the advancement of ISIS-GSK3Rx, which is being developed using
antisense technology to inhibit the production of an undisclosed
target to treat a common viral infection. While Isis Pharma
is responsible for the development of ISIS-GSK3Rx to the phase II
proof-of-concept stage, Glaxo has an exclusive option to
in-license the program thereafter and develop and commercialize
We are positive on Isis Pharma's agreement with Glaxo and
other companies including
), which not only validate the company's antisense technology but
also provide Isis Pharma with funds in the form of upfront,
milestone and other payments.
Under the Glaxo deal, which is focused on the discovery and
development of new therapeutics against targets for rare and/or
serious diseases, Isis Pharma stands to receive additional
pre-licensing milestone payments with the advancement of
ISIS-GSK3Rx. Moreover, Isis Pharma may receive double-digit
royalties on sales of ISIS-GSK3Rx.
Isis Pharma currently carries a Zacks Rank #3 (Hold). We view
Kynamro's Jan 2013 approval in the U.S. as a major milestone for
the company. We are also pleased with Isis Pharma's progress with
its pipeline. However, we remain concerned about Kynamro's sales
ramp up which could be slow due to the reimbursement process and
the process of finding eligible patients.
) looks well-positioned with a Zacks Rank #1 (Strong Buy).
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