Amgen And Arrowhead Pharma Agree 2 Cardiovascular Collaborations

By Markets MarketWatch Pulse

Amgen Inc. and Arrowhead Pharmaceuticals Inc. said Thursday they have agreed to two cardiovascular collaborations. Under one agreement, Amgen will receive an exclusive license option to Arrowhead's proprietary subcutaneous RNAi delivery platform. RNAi molecules can be used to target and eliminated specific gene products that contribute to some diseases, the companies said in a statement. Under a second agreement, Agmen will have an option to a worldwide, exclusive license for a RNAi therapy for an undisclosed genetically validated cardiovascular target. "In both agreements, Amgen will be wholly responsible for clinical development and commercialization," said the statement. Arrowhead will receive $56.5 million in upfront payments, an equity investment, royalties and up to $617 million more in potential milestone and equity payments. Arrowhead stock was halted premarket for the news, but has gained 14.5% in the year so far, while the S&P 500 has gained 6%. Amgen shares are up 4.6% in the same timeframe.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.