As part of the agreement, Biogen Idec has acquired an option to the exclusive worldwide rights to develop and commercialize therapeutics for the treatment of amyotrophic lateral sclerosis (ALS) using technology belonging to Amorfix.
In the meantime, Amorfix will conduct a planned research program with operational support and investment from Biogen Idec.
If Biogen Idec exercises its option, Amorfix will receive an upfront payment and potential milestone payments in excess of $25 million under the license agreement. Amorfix will also receive royalties on commercial product sales. If the option is exercised, Biogen Idec will be responsible for completing preclinical and clinical development, regulatory approvals, manufacturing and commercialization.
“The partnering of this early-stage technology with a major biotech firm shows what effective management and excellent science can achieve in a short period of time. This collaboration provides strong support for a considered expansion of the company’s therapeutic development strategy”, said Graham Strachan, chair of the board of Amorfix.