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news.Isis Pharmaceuticals has purchased all of the equity of Symphony GenIsis at the pre-negotiated price of $120 million.
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Symphony GenIsis was formed in April 2006 by Symphony Capital Partners and capitalized with $75 million, to fund development of three of Isis’ drugs. As part of that transaction, Isis licensed to Symphony GenIsis its ISIS 301012 program, and two diabetes programs for the development of ISIS 325568 and ISIS 377131. Isis has been conducting the development of ISIS 301012, ISIS 325568, and ISIS 377131 with funding from Symphony GenIsis.
As part of the $120 million purchase price, Isis paid Symphony Capital $80.4 million in cash and approximately 3.4 million shares of Isis stock, for an aggregate value of $39.6 million based on a 60-day average closing price prior to the date Isis exercised the repurchase.
Lynne Parshall, executive vice president and CFO of Isis Pharmaceuticals said: “We have been very satisfied with our Symphony GenIsis financing. It provided us with the capital to advance the two diabetes programs, and we have been able to assemble a full Phase II and supportive toxicology profile for ISIS 301012, upon which we are now basing their licensing discussions for that drug. Because all three of the programs appreciated in value so rapidly, we are able to purchase the Symphony GenIsis equity early in the four-year collaboration term, saving $75 million in additional capital.”