AstraZeneca partners with Isis Pharma to develop cancer therapies
(Reuters) - Isis Pharmaceuticals Inc struck a deal with British drugmaker AstraZeneca Plc to develop its novel technology against five cancer targets.
In exchange for $31 million in upfront and near-term payments to Isis, AstraZeneca will co-develop four oncology research programs and get the rights to develop and commercialize a drug that is in early trials for patients with advanced lymphomas.
Isis's antisense therapies work by destroying the RNA that creates proteins involved in disease processes.
"Isis' antisense technology platform allows AstraZeneca to broaden our oncology research efforts beyond traditional drug discovery methods, while at the same time becoming more specific about how we target cancer," said Susan Galbraith, head of the AstraZeneca Oncology Innovative Medicines Unit.
Isis is also eligible to receive further payments on clinical and approval milestones, license fees for research program targets and royalties on sales.
Shares of Isis rose about 2 percent before the bell. They closed at $9.42 on Monday on the Nasdaq.
(Reporting by Prateek Kumar; Editing by Saumyadeb Chakrabarty)
- Hong Kong protesters plan march after fruitless talks with government
- NOAA employee charged with stealing U.S. dam information
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- Three Denver girls reportedly en route to Turkey detained, sent home