CAMBRIDGE, Mass., EXTON, Pa. and HAMILTON, Bermuda, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), and Vivelix Pharmaceuticals, Ltd. today announced that they have entered into an exclusive license and collaboration agreement granting Vivelix worldwide rights to develop and market IMO-9200, an antagonist of TLR 7,8 and 9, for non-malignant gastrointestinal disorders. As part of the agreement, Idera has agreed to create and characterize potential back-up compounds for Vivelix. "We are excited to acquire an asset as innovative and potentially transformational as IMO-9200," stated Bill Forbes, President & CEO at Vivelix Pharmaceuticals Ltd. "All of us at Vivelix look forward to developing this potentially life-changing therapy for patients suffering from gastrointestinal diseases." "The team at Vivelix has a tremendous track record in successful development and marketing of products in the gastrointestinal disease category," stated Vincent Milano, Idera's Chief Executive Officer. "We are pleased to be able to enter into this agreement with a team that we are confident can guide IMO-9200 through the next phases of development and ultimately into the hands of physicians and patients suffering from these severe, debilitating conditions." Under the terms of the agreement, Idera will receive an upfront fee of $15 million. In addition, Idera will be eligible for future IMO-9200 related development, regulatory and sales milestone payments totaling up to $140 million, and escalating royalties ranging from the mid single-digits to low double-digits of global net sales. Additionally, under the terms of the agreement and if requested by and at Vivelix's expense, Idera is responsible for developing potential back-up compounds to IMO-9200. As it relates to back-up compounds Idera will be eligible for related development, regulatory sales and milestone payments totaling up to $52.5 million and escalating royalties ranging from the mid single-digits to low double-digits of global net sales.