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Bristol, Isis Team Up to Develop New Cardiovascular Drugs

AFX
Wednesday, 9 May 2007 | 12:19 PM ET

Bristol-Myers Squibb and Isis Pharmaceuticals announced a collaboration to discover, develop and commercialize new drugs for the prevention and treatment of cardiovascular disease.

Bristol-Isis Drug Deal
Bristol-Myers Squibb strikes a $200 million deal with Isis Pharmaceuticals to further develop a new cholesterol drug, and Stanley Crooke, Isis Pharmaceuticals chairman & CEO, discusses the partnership with Mike Huckman, CNBC's pharmaceuticals reporter

While Bristol-Myers Squibb will fund all activities under the collaboration, both companies will be responsible for preclinical development.

Bristol-Myers Squibb said it will pay Isis a $15 million upfront licensing fee, and will provide Isis with at least $9 million in research funding over a period of three years.

Isis will also receive up to $168 million for the achievement of pre-specified milestones for the first drug in the collaboration, as well as additional milestones associated with development of follow-on compounds.

Bristol-Myers Squibb said it will also pay Isis royalties on sales of products resulting from the collaboration.


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