Genzyme Corp. and Isis Pharmaceuticals, Inc. have announced that they have received clearance under the Hart-Scott-Rodino Antitrust Improvements Act for their collaboration, which was announced on January 7, 2008.
Based on this approval, Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock for $30 per share.
Upon completion of final contracts, Genzyme will pay to Isis an additional up-front cash payment of $175 million for the exclusive licensing of mipomersen.
As part of the strategic alliance, Genzyme will develop and commercialize mipomersen, a breakthrough, potential blockbuster lipid-lowering treatment for high risk cardiovascular patients that utilizes Isis' antisense technology.
Isis will also be eligible to receive milestone and profit sharing payments for mipomersen, which is currently in phase 3 development. In addition, Genzyme will have preferred access to future drugs developed by Isis for CNS and certain rare diseases.