Biogen Idec in up to $553 million deal with Portola for oral Syk inhibitor program
USA-based Biogen Idec (Nasdaq: BIIB) and Portola Pharmaceutical have entered into an exclusive, worldwide collaboration and license agreement under which both companies will develop and commercialize highly selective, novel oral Syk inhibitors for the treatment of various autoimmune and inflammatory diseases, including rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE).
Under the terms of the deal, Biogen Idec will provide Portola with an upfront $36 million in cash and purchase $9 million in Portola equity, with additional payments of up to $508.5 million based on the achievement of certain development and regulatory milestones. Completion of the transaction is subject to customary closing conditions, including antitrust clearance by the US government under the Hart-Scott-Rodino Act.
Lead product in Phase I testing
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