Carlsbad-based Isis Pharmaceuticals Inc. has received $7 million in milestone payments from GlaxoSmithKline Plc, with which it has been partnered for three years.

The milestone payment is associated with the advancement of its ISIS-GSK3 program, a drug that treats an undisclosed but common viral disease, the company said. Isis develops what are called antisense drugs. The drugs can deactivate faulty genes.

Stock dropped about 6 percent, or $2.06, in day trading following the announcement, closing at $34.01 on Oct. 7.

— SDBJ Staff Report