Shares of Isis Pharmaceuticals (ISIS) are up 5% after the company announced that Bayer AG (BAYRY) has agreed to license its anti-clotting drug ISIS-FXIRx. According to the terms of the agreement Isis is expected to receive an upfront payment of at least $100 million. In addition Isis is expected to receive $155 million in near-term payments, and an additional $55 million on follow through of a phase 2 study evaluating patients with compromised kidney function.
At the moment Isis will finish up with the ongoing trials for the ISIS-FXIRx drug, then Bayer will take over all global clinical development as well as the worldwide regulatory and commercialization rights for the drug. Bayer has agreed to license the drug because it is a good mix with its current Thrombosis pipeline.
Thrombosis occurs when a patient suffers a blood clot that can lead to either a stroke or a heart attack. Bayer has plans to test out the drug in other trials in patients who can't take anti-coagulants because of the high risk of bleeding. Thrombosis is deadly and can occur either in a vein or in an artery which means any diagnosis should be taken care of immediately. This drug from ISIS, which is now licensed to Bayer should help reduce clots in these patients with Thrombosis.
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