Isis Pharma earns $10 million milestone from Biogen

Isis Pharmaceuticals (Nasdaq: ISIS) revealed today it has earned a $10 million milestone payment from fellow US biotech firm Biogen Idec (Nasdaq: BIIB) associated with the validation of an undisclosed target to treat a neurological disorder.

This is the first milestone payment under Isis' and Biogen Idec's 2013 strategic collaboration to advance the treatment of neurological disorders. This collaboration combines Biogen Idec's expertise in neurology with Isis' leadership in antisense technology to develop novel therapies to treat neurological disorders and is the fourth collaboration between the two companies.

Under the accord,  Biogen Idec made an upfront payment of $100 million. Isis is also eligible to receive milestone payments, license fees and royalty payments for all treatments developed through this collaboration, with the specific amount dependent on the modality of the molecule advanced by Biogen Idec. In the case of antisense molecules, the milestone payments could be as much as $220 million, plus additional amounts related to the cost of clinical trials conducted by Isis under the collaboration.