Genzyme and Isis Pharmaceuticals completed their agreement for the cholesterol drug candidate, mipomersen. The two companies have been developing an agreement to work together and announced earlier this year that the collaboration will grant Genzyme exclusive rights to the lipid-lowering drug that Isis has in development.
For the honor, Genzyme will pay Isis $175 million in licensing fees. Genzyme earlier paid $150 million for 5 million shares of the company's common stock. Isis will continue to contribute funding for the drug's development.