Isis Pharmaceuticals today announced its purchase of all of the equity of Symphony GenIsis at the pre-negotiated price of $120 million. The purchase was prompted by Isis's recently announced collaboration with J&J's Ortho-McNeil, in which the companies agreed to develop four antisense drugs. The collaboration includes licensing of two of the drugs previously held by Symphony GenIsis, ISIS 325568 and ISIS 377131, which target glucagon receptor and glucocorticoid receptor.
"We have been very satisfied with our Symphony GenIsis financing. It provided us with the capital to advance the two diabetes programs, and with the Symphony funding we have been able to assemble a full Phase 2 and supportive toxicology profile for ISIS 301012, upon which we are now basing our licensing discussions for that drug. Because all three of the programs appreciated in value so rapidly, we were able to purchase the Symphony GenIsis equity early in the four-year collaboration term, saving ourselves $75 million in additional capital."
- see the release from Isis for more