Isis Nabs $10M from OncoGenex Deal
Isis Pharmaceuticals (NASDAQ: ISIS), the Carlsbad, CA-based biotech company, said today it will receive a $10 million payment from OncoGenex Pharmaceuticals in connection with OncoGenex’s new partnership with Teva Pharmaceutical. Bothell, WA-based OncoGenex (NASDAQ: OGXI) secured a worldwide partnership with Teva to develop OGX-011, an antisense therapy for prostate cancer. Isis will receive $10 million of the $60 million in upfront payments that are going to OncoGenex. Isis will also get 30 percent of the $370 million in development milestones that OncoGenex negotiated with Teva, and a 5.5 to 7 percent royalty on all sales of OGX-011 if it becomes a marketed product.