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Isis receives USD1.25m as payment from Pfizer under EXC 001 development programme.

M2 EQUITYBITES-November 5, 2012-Isis receives USD1.25m as payment from Pfizer under EXC 001 development programme(C)2012 M2 COMMUNICATIONS

Discoverer and developer of drugs Isis Pharmaceuticals Inc (Nasdaq:ISIS) will receive a USD1.25m contingent payment from Pfizer Inc (NYSE:PFE), Isis said on Friday.

This payment is triggered by Pfizer's decision to advance EXC 001 into a Phase 2 study.

Prior to this, in 2011, Isis had received USD4.4m for its equity ownership of Excaliard from Pfizer's acquisition of Excaliard Pharmaceuticals and, excluding the USD1.25m, is eligible to receive an additional USD8.35m in contingent payments upon achievement of various milestones associated with the clinical and commercial progress of EXC 001, also referred to as PF-06473871.

Also, Isis remains eligible to receive milestone and royalty payments under its licensing agreement with Excaliard for EXC 001.

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Publication:M2 EquityBites (EQB)
Date:Nov 5, 2012
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