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