Genzyme, Isis Finalize Partnership For Cholesterol-Lowering Drug
Luke Timmerman6/24/08Leave a CommentFollow @ldtimmerman
Cambridge, MA-based Genzyme and Isis Pharmaceuticals said today they have modified some of the terms of their partnership to develop Isis’s mipomersen for patients with high cholesterol. The deal, originally announced with a bang in January, still provides $325 million in upfront payments to Carlsbad, CA-based Isis for the antisense RNA-based drug, although it now shifts $50 million more of the drug’s development costs to Isis.
Three months after the original deal was struck, investors in the companies got a bitter pill. The FDA asked Isis (NASDAQ: ISIS) for more study data that is expected to delay the drug’s market application for a year, until 2010. That sent Isis stock plunging 29 percent that day, April 25. Genzyme (NASDAQ: GENZ) will now take the lead on future discussions with regulators, the companies said.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
