Biogen Idec gains option to ISIS-SMNRx

Isis Pharmaceuticals Inc. (NASDAQ:ISIS) granted Biogen Idec Inc. (NASDAQ:BIIB) an exclusive, worldwide option to develop and commercialize ISIS-SMNRx, which is in Phase I testing to treat spinal muscular atrophy (SMA). Isis will receive $29 million up front and is eligible for $45 million in development milestones prior to exercise of the option, which expires at the completion of a clinical trial that would support a regulatory filing. Isis said it did not know if it would conduct a Phase II or II/III trial and that the option extends to whichever comes first.

If Biogen Idec exercises the option, Isis would be eligible for an additional $225 million in a license fee and regulatory milestones, plus double-digit royalties. ...