By Chelsey Dulaney 
 

Isis Pharmaceuticals Inc. (ISIS) has agreed to license its experimental anticlotting drug to a Bayer AG (BAYRY, BAYN.XE) unit for an initial payment of $100 million.

Bayer HealthCare will develop and commercialize the drug. Bayer plans to evaluate the drug, ISIS-FXI, in patients who can't use anticoagulants, such as patients with a high risk of bleeding.

Bayer said the drug complements its pipeline of thrombosis treatments. Thrombosis is a process involving blood-clot formation that can result in heart attacks and strokes.

Isis Pharmaceuticals is also eligible for a $55 million payment after a phase-two study in patients with compromised kidney function. The company will also be eligible for milestone payments and royalties.

Write to Chelsey Dulaney at chelsey.dulaney@wsj.com

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