Under the terms of the agreement, Biogen Idec and PDL have granted Ophthotech worldwide development and commercial rights to all ophthalmic uses of volociximab (M200). Biogen Idec and PDL will each receive an equity position in Ophthotech as well as a combination of development milestone payments and royalties on future product sales. Other terms, including financial terms, related to the agreement have not been disclosed.
Faheem Hasnain, executive vice president, oncology and rheumatology strategic business unit, Biogen Idec, said: “There remains a significant unmet need in treating age-related macular degeneration (AMD), and we’re pleased that Ophthotech, founded by leaders in the development of new therapeutics for this disease, has chosen to explore the potential of volociximab in AMD.”