Idera Pharmaceuticals Inc (NASDAQ:IDRA) and Vivelix Pharmaceuticals, Ltd. announced that they have entered into an exclusive license and collaboration agreement granting Vivelix worldwide rights to develop and market IMO-9200, an antagonist of TLR 7,8 and 9, for non-malignant gastrointestinal disorders. As part of the agreement, Idera has agreed to create and characterize potential back-up compounds for Vivelix.
“We are excited to acquire an asset as innovative and potentially transformational as IMO-9200,” stated Bill Forbes, President & CEO at Vivelix Pharmaceuticals Ltd. “All of us at Vivelix look forward to developing this potentially life-changing therapy for patients suffering from gastrointestinal diseases.”
“The team at Vivelix has a tremendous track record in successful development and marketing of products in the gastrointestinal disease category,” stated Vincent Milano, Idera’s Chief Executive Officer. “We are pleased to be able to enter into this agreement with a team that we are confident can guide IMO-9200 through the next phases of development and ultimately into the hands of physicians and patients suffering from these severe, debilitating conditions.”
Under the terms of the agreement, Idera will receive an upfront fee of $15 million. In addition, Idera will be eligible for future IMO-9200 related development, regulatory and sales milestone payments totaling up to $140 million, and escalating royalties ranging from the mid single-digits to low double-digits of global net sales. Additionally, under the terms of the agreement and if requested by and at Vivelix’s expense, Idera is responsible for developing potential back-up compounds to IMO-9200. As it relates to back-up compounds Idera will be eligible for related development, regulatory sales and milestone payments totaling up to $52.5 million and escalating royalties ranging from the mid single-digits to low double-digits of global net sales. (Original Source)
Shares of Idera are currently trading at $1.96, up $0.13 or 7.37%. IDRA has a 1-year high of $4.42 and a 1-year low of $1.19. The stock’s 50-day moving average is $1.81 and its 200-day moving average is $1.82.
On the ratings front, Idera Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on October 28, Cowen analyst Boris Peaker reiterated a Buy rating on IDRA. Separately, on August 25, Wedbush’s Heather Behanna reiterated a Buy rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Heather Behanna have a yearly average return of 11.6% and a loss of 4.4% respectively. Peaker has a success rate of 42% and is ranked #302 out of 4245 analysts, while Behanna has a success rate of 36% and is ranked #3620.
Idera Pharmaceuticals, Inc. is a clinical stage biotechnology company, which is engaged in discovery, development and commercialization of novel nucleic acid therapeutics to treat patients with serious and life-threatening diseases. Idera’s immunotherapy approach is based on the modulation of toll-like receptors (TLRs) while its third-generation antisense technology is designed to inhibit the production of disease-associated proteins by targeting RNA.