Amorfix Life Sciences and Biogen Idec to collaborate on research for ALS disease
On closing, Biogen Idec subscribed for common shares of Amorfix in the amount of US$375,000 representing 289,187 common shares at a price of Cdn $1.46 per common share. These shares are subject to a four-month hold period. Over the period of the option, Biogen Idec may subscribe for additional common shares of Amorfix in the amount of US$375,000 based on the achievement of predefined research milestones. If Biogen Idec exercises its option, Amorfix will receive an upfront payment and potential milestone payments in excess of US$25 million under the license agreement.
Amorfix will also receive royalties on commercial product sales. If the option is exercised, Biogen Idec will be responsible for completing preclinical and clinical development, regulatory approvals, manufacturing and commercialization.
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.