Idera Receives Milestone Payment from Novartis For Asthma and Allergy Collaboration
Luke Timmerman9/2/08
Idera Pharmaceuticals, the Cambridge, MA-based developer of treatments for autoimmune and infectious diseases, said today it has received an undisclosed milestone payment from drug giant Novartis. Idera (NASDAQ: IDPH) received the payment because Novartis started an early-stage clinical trial of QAX935, a drug that stimulates Toll-Like Receptor 9. The companies entered a partnership in June 2005 to develop drugs against TLR9 for asthma and allergies. Idera stock fell 2 percent to $14.34 at 10:33 a.m. Eastern time today.
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.
