Arrowhead, Amgen deal

Arrowhead granted Amgen exclusive, worldwide rights to the ARC-LPA cardiovascular program and an exclusive option to license a second RNAi therapy against an undisclosed cardiovascular target.

Arrowhead will receive $56.5 million up front, including $35 million in cash and a $21.5 million equity investment through the purchase of 3 million shares at $7.16. The share price is a 1.7% premium to Arrowhead’s closing price of $7.04 on Sept. 28, the day before the deal was announced. Arrowhead also is eligible for up to $617 million in option exercise fees and milestones, plus single-digit royalties on sales of the undisclosed compound and low double-digit royalties on sales under the ARC-LPA deal. ...