Company Update (NASDAQ:IDRA): Idera Pharmaceuticals Inc to Collaborate With GSK to Identify 3rd Generation Antisense Molecules for Treatment of Renal Disease
Idera Pharmaceuticals Inc (NASDAQ:IDRA), a clinical-stage biopharmaceutical company developing toll-like receptor and RNA therapeutics for patients with cancer and rare diseases, today announced it has entered into an exclusive worldwide collaboration and license agreement with GSK to research, develop and commercialize selected molecules from Idera’s 3rd generation antisense platform for the treatment of selected targets in renal disease.
“We are excited to be working with GSK to apply our drug discovery and development efforts in renal disease. This collaboration broadens the utility of our third generation antisense platform beyond the stated areas of focus for Idera in cancers and rare diseases,” stated Clayton Fletcher, Idera’s Senior Vice President of Business Development and Strategic Initiatives. “Importantly, through such collaborations we have the opportunity to strengthen our balance sheet to enable us to further our own clinical development and commercial aspirations.”
Under the terms of the agreement, Idera is eligible to receive approximately $100 million in development and regulatory milestone payments, including a $2.5 million upfront payment. Additionally, Idera is eligible to receive royalties on all sales upon commercialization at varying rates up to five percent on annual net sales in excess of $500 million.
“Advances in our understanding of chronic kidney disease have opened up new treatment opportunities,” said John Lepore, GSK Senior Vice President and Head of the Metabolic Pathways and Cardiovascular Therapy Area Unit. “Idera’s antisense platform offers a new path to explore whether gene silencing technology can help stop or slow chronic kidney disease.” (Original Source)
Shares of Idera Pharmaceuticals closed last Friday at $3.19. IDRA has a 1-year high of $5.48 and a 1-year low of $2.27. The stock’s 50-day moving average is $3.11 and its 200-day moving average is $3.25.
Idera Pharmaceuticals Inc is a clinical stage biotechnology company. The Company is engaged in the discovery, development and commercialization of novel therapeutics for oncology and rare diseases.