Isis Pharmaceuticals (NASDAQ: [[ticker: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: [[ticker: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.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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