Local drugmaker Ionis Pharmaceuticals Inc. has earned $5 million in a milestone payment from Biogen, a global giant in biotechnology and one of Ionis’ many partners.
The payment is associated with the validation of an undisclosed neurological disease target, according to an Ionis statement.
Ionis and Biogen have a collaboration to develop drugs to treat patients with neurological disorders. For this newest target, Ionis will continue evaluating the target with the goal of advancing a potential drug into development.
Ionis’ chief operating officer, B. Lynne Parshall, said the recent approval of Biogen’s Spinraza (which was developed at Ionis) highlights the potential for the local company’s technology to address neurological diseases.
“Under this collaboration (with Biogen), we have advanced Spinraza to commercialization and another four drugs into development,” Parshall said in a statement. “We have also validated four more targets with drug candidates that we are advancing toward development.”
Parshall said that the combined total of that work has generated $555 million to date for the companies.
“As we enter 2017, we expect to continue to make significant progress in growing our neurological disease pipeline," Parshall said.