Carlsbad drugmaker Ionis Pharmaceuticals Inc. has earned a $10 million paycheck from its big biotech partner Biogen Inc.
Biogen and Ionis have a wide-ranging collaboration to develop new medicines to treat patients with neurological disorders. The payment was tied to Ionis’ work with an undisclosed neurological disease target, the company said in a statement. The local drugmaker will continue evaluating the new target with the goal of advancing the program into development.
“Spinraza, the first drug to come out of our neurology collaboration with Biogen, exemplifies the potential of our antisense technology in the neurological disease space,” said B. Lynne Parshall, chief operating officer at Ionis. “To date, our collaboration with Biogen has generated a combined total of nearly $650 million. As we continue to advance our neurological disease pipeline, we look forward to bringing additional important medicines to patients suffering from neurodegenerative diseases."
Ionis is currently the largest public company making medicines in San Diego, with a market cap of $6.5 billion.