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news.Genzyme and Isis Pharmaceuticals have entered a major strategic alliance in which Genzyme will develop and commercialize mipomersen, Isis's lipid-lowering treatment for high-risk cardiovascular patients that utilizes novel antisense technology.
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As part of the strategic relationship, Genzyme will also have preferred access to future Isis drugs for central nervous system and certain rare diseases. Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock for $30 per share. Upon completion of final contracts, Genzyme will pay Isis a $175 million up-front mipomersen license fee. In addition to this initial $325 million, Isis has the potential to receive significant milestone payments for mipomersen, which is currently in Phase III trials. Once the product is launched, the two companies will share profits.
Stanley Crooke, chairman, president and CEO of Isis, said: “We have been very pleased with the quality and depth of interest in this flagship drug in our cardiovascular pipeline, and as we evaluated the licensing terms from various parties, we felt that Genzyme would value mipomersen appropriately as a pipeline-transforming product. This commitment to mipomersen, along with Genzyme’s strength in drug development and marketing, made this relationship strategically compelling.”