Akcea Therapeutics Shares Up 44% on Pfizer Licensing Agreement
October 07 2019 - 10:12AM
Dow Jones News
By Chris Wack
Akcea Therapeutics Inc. (AKCA) shares, a majority-owned
affiliate of Ionis Pharmaceuticals Inc. (IONS), rose 44% to $21.74
after the company said it and Pfizer Inc. (PFE) have entered into a
worldwide exclusive licensing agreement for Akcea-Angptl3-L(Rx), an
investigational antisense therapy being developed to treat patients
with certain cardiovascular and metabolic diseases.
The companies said that under terms of the agreement, Akcea and
Ionis will receive a $250 million upfront license fee, which will
be split equally between the two companies. Akcea will settle its
$125 million obligation to Ionis in Akcea common stock.
The companies said they are also eligible to receive
development, regulatory and sales milestone payments of up to $1.3
billion and tiered, double-digit royalties on annual worldwide net
sales following marketing approval of Akcea-Angptl3-L(Rx).
Future milestone payments and royalties will be split equally
between Akcea and Ionis. Pfizer is responsible for all development
and regulatory activities and costs beyond those associated with
the ongoing Phase 2 study.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 07, 2019 09:57 ET (13:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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