Under the agreement, Isis will receive an upfront payment of $35 million from GlaxoSmithKline and is eligible to receive on average up to $20 million in milestones per program. The agreement covers up to six programs. In total, Isis will be eligible to receive license fees and milestone payments of up to $1.5 billion. In addition, Isis will receive up to double-digit royalties on sales from any product that is successfully commercialized. Shares of Isis are spiking on the news, up 10.5% to $11.38 in Wednesday morning trading. GlaxoSmithKline stock is essentially flat, up 10 cents to $38.33. -- Reported by Andrea Tse in New York Follow TheStreet.com on Twitter and become a fan on Facebook.
NEW YORK ( TheStreet) -- Isis Pharmaceuticals ( ISIS) and GlaxoSmithKline ( GSK) have agreed to collaborate and utilize an Isis drug platform to develop therapeutics for rare and serious diseases, including those that are infectious and cause blindness.