Biogen Idec, Isis in myotonic dystrophy deal

Isis Pharmaceuticals Inc. (NASDAQ:ISIS) granted Biogen Idec Inc. (NASDAQ:BIIB) an exclusive, worldwide option to develop and commercialize an antisense candidate targeting dystrophia myotonica-protein kinase ( DMPK; DM1) to treat myotonic dystrophy type 1. Isis, which is responsible for discovery and development through Phase II, will receive $12 million up front and is eligible for up to $59 million in development milestones prior to exercise of the option. Biogen Idec has through completion of Phase II testing to exercise the option. Upon exercise, Isis would be eligible for an additional $200 million in a license fee and regulatory milestones, plus double-digit royalties. Biogen Idec was up $4.27 to $144.38 on Friday, while Isis gained $0.36 to $12. ...