Isis Pharmaceuticals Inc. (Nasdaq: ISIS) said Tuesday that it will get $1.1 million from Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY) as part of Alnylam's new collaboration with Genzyme.
Alnylam and Genzyme announced Monday that they will work together to develop and sell a potential treatment for transthyretin-mediated amyloidosis, a rare genetic condition in which a starchy protein called amyloid builds up in organs and tissues. The condition damages the nervous system and the heart. Alnylam and Genzyme, a unit of French drugmaker Sanofi, will study the drug for commercialization in Japan and other Asia-Pacific countries.
Genzyme agreed to pay Alnylam $22.5 million upfront, and Isis' payment comes out of that amount. Alnylam will get other payments, if the drug advances through the development and regulatory process, and it will get royalties on sales if it is approved.
Carlsbad-based Isis and Alnylam have collaborated for years on drugs that use RNA interference technology, or RNAi, to shut down the proteins at the root of a disease or condition. Alnylam has an exclusive license on certain types of experimental drugs developed by Isis, and Isis gets an upfront payment for its work on those products along with payments based on further development.
Isis shares rose 15 cents to close Tuesday at $9.31, bucking a down day in the rest of the market. Alnylam shares picked up 4 cents at $17.10.
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