Alnylam Announces Extension of RNAi Therapeutics Collaboration with Novartis
News Jul 17, 2008
The landmark alliance was initiated in October 2005 and is focused on the discovery, development, and commercialization of RNAi therapeutics toward a defined number of Novartis-selected disease gene targets.
“Our efforts with Novartis have been very productive over the past three years, and we are delighted that Novartis has elected to extend our alliance for another year,” said John Maraganore, Ph.D., Chief Executive Officer of Alnylam. “Novartis was a pioneer in recognizing the potential of RNAi therapeutics as a new class of medicines, and we look forward to continuing our work with them as we advance this innovation to patients.”
In the Novartis-Alnylam collaboration, both companies are jointly responsible for RNAi discovery activities and Novaris is generally responsible for development and commercialization of RNAi therapeutic products. With the extension of the alliance term, Novartis will continue to fund collaboration research and development efforts conducted by Alnylam.
Further, Novartis retains its right to exercise a non-exclusive platform license from Alnylam in exchange for an undisclosed payment and future milestones and royalties.
In addition, Novartis has the option to extend the collaboration for one additional one-year term through 2010. Finally, Novartis retains certain rights to purchase Alnylam equity up to 19.9%; current Novartis ownership is approximately 13.4%.
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