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Isis collaborating with J&J


Published : Thu, 13 Sep 2007 12:48
By : Agencies
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CARLSBAD, Calif. (AP) - Isis Pharmaceuticals Inc. said Thursday it is collaborating with Ortho-McNeil, a unit of Johnson & Johnson, to develop treatments for metabolic disorders, including Type 2 diabetes.

Ortho-McNeil will pay Isis $45 million upfront in a licensing fee and will provide research and development funding. Isis said it could receive more than $230 million in milestone payments for development and approvals, and royalties on sales.

Isis also said it plans to buy equity in Symphony GenIsis Inc. and reacquire the intellectual property for several programs.

Shares of Isis rose $1.99, or 15.6 percent, to $14.75 in premarket trading. The stock closed at $12.76 Wednesday.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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