Alnylam and Inex Form Strategic Technology Alliance to Discover and Develop RNAi Therapeutics
News Jan 10, 2007
Alnylam Pharmaceuticals, Inc. has announced that Alnylam has taken a worldwide exclusive license to Inex's liposomal delivery formulation technology for the discovery, development, and commercialization of RNAi therapeutics, and that the companies have expanded their technology research and manufacturing alliance on lipid-based delivery technology.
In addition, Inex will receive three InterfeRx™ license options, subject to Alnylam review and third-party obligations, to develop its own RNAi therapeutic products.
Inex will also receive exclusive access to Alnylam's property to develop oligonucleotide drugs that act through an immune stimulation mechanism, outside the RNAi pathway.
"This new, exclusive license further enhances Alnylam's delivery capabilities and intellectual property estate, and continues to strengthen our leadership position in RNAi therapeutics," said Barry Greene, Chief Operating Officer of Alnylam.
"We view Inex as having important intellectual property and capabilities in the area of lipid-based drug delivery systems, and believe that access to this technology is important as we advance systemic RNAi therapeutics and continue to build a leading biopharmaceutical company," Greene continued.
"We are pleased to be expanding and strengthening our overall relationship with Alnylam, which provides Inex the opportunity to develop RNAi therapeutics through our InterfeRx licenses," said Timothy M. Ruane, President and Chief Executive Officer of Inex.
"We view Alnylam as the leading company in the development of RNAi therapeutics, and by working with Alnylam, Inex and its stakeholders will be best positioned to realize the value of lipid-based delivery technologies in the RNAi field."
Under the terms of the agreement, Inex will receive an upfront payment of $8.0 million in newly issued shares of Alnylam common stock and/or cash, at Alnylam's option.
In addition, Inex will receive $4.0 million in R&D funding over the next two years to continue to identify and develop lipid-based delivery systems for Alnylam. Inex will provide contract manufacturing services on an exclusive basis for Alnylam proprietary products in the collaboration and Alnylam will make available a $5.0 million loan for capital equipment expenditures related to manufacturing capabilities.