DOW JONES NEWSWIRES
GlaxoSmithKline PLC (GSK) and Regulus Therapeutics LLC entered into an agreement to discover, develop and market novel microRNA-targeted therapeutics to treat certain inflammatory diseases.
Regulus is a joint venture between Alnylam Pharmaceuticals Inc. (NASDAQ-NMS:ALNY) (ALNY), Cambridge, Mass., and Isis Pharmaceuticals Inc. (NASDAQ-NMS:ISIS) (ISIS), Carlsbad, Calif.
Regulus will receive $20 million in upfront payments from GlaxoSmithKline (NYSE:GSK) , including a $15 million option fee and a $5 million note that will convert into Regulus common stock under certain conditions.
Regulus is also eligible to receive up to $144.5 million in development, regulatory and sales milestone payments, as well as royalties on sales of the products to be developed.
Regulus will be responsible for discovery and development of microRNA antagonists, unless GlaxoSmithKline (NYSE:GSK) chooses to exercise its option at an earlier time.
-Adam Edelman; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 04-17-08 0755 Copyright (c) 2008 Dow Jones & Company, Inc.
