Isis will transition development responsibility for mipomersen to Genzyme over the next two years. In addition to the up-front payment, Isis also has the opportunity to receive from Genzyme up to $825 million in development and regulatory milestone payments plus up to $750 million in commercial milestone payments.
Genzyme and Isis will share mipomersen profits 50/50 when annual worldwide revenues reach $2 billion or more. The profit share begins with a 70/30 Genzyme/Isis split and reaches 50/50 on a sliding scale as annual revenues ramp up to $2 billion.
"Genzyme is reconfirming its 2008 and five-year earnings guidance, and we will manage the financial impact of this agreement within our previously stated goal of 20 percent compound annual growth in non-GAAP earnings per share through 2011," noted Mr. Termeer.
"We believe the profit sharing transaction we have structured with Genzyme is uniquely beneficial to Isis," added Dr. Crooke. "It allows us to benefit in the short term and over time through up-front licensing fees and milestones, while retaining substantial economic participation in the commercialization of the drug. We look forward to working with Genzyme on mipomersen as well as potentially on drugs for CNS and certain rare diseases."
Closure of the transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
About Familial Hypercholesterolemia (FH)
FH patients have high blood concentrations of LDL-cholesterol due to a
genetic disorder which prevents proper metabolism of LDL-cholesterol. These
patients experience a markedly increased risk of premature cardiovascular
diseases (CVD) and CVD-related death. Familial hypercholestero
|SOURCE Genzyme Corp.; Isis Pharmaceuticals, Inc.|
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