Biogen (BIIB), Portola Pharma Enter $553.5M Oral Syk Inhibitor Collaboration
Tweet
Share
E-mailGet Alerts BIIB Hot Sheet
Join SI Premium – FREE
Biogen Idec (Nasdaq: BIIB) and Portola Pharmaceuticals, Inc., have entered into an exclusive, worldwide collaboration and license agreement under which both companies will develop and commercialize highly selective, novel oral Syk inhibitors for the treatment of various autoimmune and inflammatory diseases, including rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE).
Under the terms of the agreement, Biogen Idec will provide Portola with an upfront payment of $36 million in cash and purchase $9 million in Portola equity, with additional payments of up to $508.5 million based on the achievement of certain development and regulatory milestones. Biogen Idec will lead the global development and commercialization efforts for the Syk inhibitor program in major indications such as rheumatoid arthritis and lupus, while Portola will lead U.S. development and commercialization efforts for select smaller indications as well as discovery efforts for follow-on Syk inhibitors. Portola retains an option to co-promote alongside Biogen Idec in the United States in major indications. Worldwide costs and profits will be split by Biogen and Portola 75 percent and 25 percent, respectively.
Under the terms of the agreement, Biogen Idec will provide Portola with an upfront payment of $36 million in cash and purchase $9 million in Portola equity, with additional payments of up to $508.5 million based on the achievement of certain development and regulatory milestones. Biogen Idec will lead the global development and commercialization efforts for the Syk inhibitor program in major indications such as rheumatoid arthritis and lupus, while Portola will lead U.S. development and commercialization efforts for select smaller indications as well as discovery efforts for follow-on Syk inhibitors. Portola retains an option to co-promote alongside Biogen Idec in the United States in major indications. Worldwide costs and profits will be split by Biogen and Portola 75 percent and 25 percent, respectively.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Biogen (BIIB) call put ratio 3.7 calls to 1 put with a focus on September calls
- NorthStrive files two patents for muscle-loss drugs in spaceflight
- OSR Health faces Nasdaq delisting, plans appeal and $15M put option
Create E-mail Alert Related Categories
Corporate News, FDASign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
