Sangamo Biosciences to develop blood disorder drugs with Biogen
Jan 9 (Reuters) - Sangamo Biosciences Inc said it would collaborate with Biogen Idec Inc to develop treatments for a group of inherited blood disorders.
Sangamo shares rose about 8 percent to $14.74 in premarket trading.
Biogen will pay Sangamo $20 million upfront, and use Sangamo's gene-based technology to develop drugs targeting sickle cell disease and beta-thalassemia.
Sangamo will also be eligible for additional payments of about $300 million in milestones, as well as double digit royalties on product sales.
The company will be responsible for research and development activities for the first proof-of-concept study for beta-thalassemia.
Biogen will pay for research costs incurred by Sangamo and market drugs developed during the collaboration. (Reporting By Vrinda Manocha in Bangalore; Editing by Joyjeet Das)
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