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Isis to Receive Up to $14 Million from Pfizer for Its Acquisition of Excaliard Pharmaceuticals
Date:11/22/2011

CARLSBAD, Calif., Nov. 22, 2011 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it will receive up to $14 million from Pfizer Inc. (NYSE: PFE) for its equity ownership of Excaliard Pharmaceuticals, Inc. from Pfizer's acquisition of Excaliard.  Upon closing of the acquisition, Isis will receive an initial $4.4 million.  Contingent payments of up to an additional $9.6 million could be paid to Isis upon achievement of various milestones associated with the clinical and commercial progress of EXC 001.  In addition, Isis will continue to be eligible for milestone and royalty payments under its licensing agreement with Excaliard for EXC 001.  The acquisition of Excaliard by Pfizer exemplifies the potential of Isis' strategy to partner antisense drugs in diseases that are outside of Isis' main therapeutic areas of focus and benefit financially from these partnerships.

"Our business strategy allows us to exploit our antisense drug discovery platform to create many opportunities outside of our core areas of therapeutic focus.  We have been extremely successful in implementing this unique strategy.  To date, we have generated more than $450 million from our satellite company partners.  Our partnership with Excaliard and their development of EXC 001 is the most recent example of the success of this strategy," said B. Lynne Parshall, J.D., Chief Operating Officer, Chief Financial Officer and Secretary at Isis.  "The local treatment of fibrosis for scarring is an area outside our key focus and, as such, is not one we would have pursued internally.  We chose instead to partner with Excaliard, a company with focused therapeutic expertise in this area.  Using its own resources and expertise, Excaliard has rapidly advanced EXC 001 to
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SOURCE Isis Pharmaceuticals, Inc.
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