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Isis Reports Strong Financial Results and Highlights for Fiscal Year 2008
Date:2/25/2009

lucrative terms in upfront payments, milestones and participation in the commercial success of each asset.

  • Licensed mipomersen to Genzyme and received $325 million in an upfront license fee and equity investment with the potential to earn over $1.5 billion in potential commercial and developmental milestone payments, and a share of profits for Isis on mipomersen ranging from 30 to 50%.
  • Sold its Ibis subsidiary to AMI for a total purchase price of $215 million, plus a 5% earn out on sales of assay kits and services.

Isis benefits financially as its partners advance drugs in development while also receiving upfront and royalty payments. This strategy provides cash to the Company while the drugs in Isis' pipeline mature in clinical development.

  • ATL licensed ATL/TV1102 to Teva in a deal with a potential $100 million value in which Isis will receive one-third of licensing fees plus significant royalties.
  • Isis received a $2 million milestone payment from BMS for the selection of a development candidate, BMS-PCSK9Rx.
  • Isis received a $1 million milestone payment from Achaogen for the IND of Achaogen's aminoglycoside drug.
  • Regulus entered into a strategic alliance with GSK with an upfront payment of $20 million and the potential to earn up to nearly $600 million in milestone payments plus royalties.

Isis has significantly strengthened the Company's financial position.

  • Isis exceeded its 2008 net operating loss guidance of less than $15 million and ended 2008 with positive pro forma net operating income and net income.
  • Isis exceeded its 2008 cash guidance of $450 million by ending 2008 with over $490 million in cash.
  • During 2008, Isis reported multiple profitable quarters.

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SOURCE Isis Pharmaceuticals, Inc.
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