GlaxoSmithKline and Sirna Therapeutics Announce Major Alliance in RNAi-Based Therapeutics for Respiratory Disease
Monday April 3, 7:32 am ET
LONDON, PHILADELPHIA and SAN FRANCISCO, April 3 /PRNewswire-FirstCall/ -- GlaxoSmithKline (NYSE: GSK - News) and Sirna Therapeutics, Inc. (Nasdaq: RNAI - News) today announced that they are forming an exclusive multi-year strategic alliance focused on discovery, development and commercialisation of novel RNA interference (RNAi)-based therapeutics for respiratory diseases. The alliance combines Sirna's extensive expertise in short interfering RNA (siRNA) chemistry and biology with GSK's industry leading capabilities in the development and commercialisation of novel therapies for respiratory diseases.
Sirna will receive an initial payment of $12 million, made up as cash and purchase of Sirna common stock, priced at $ 8.36 per share. Under the agreement, Sirna may also receive milestone payments in excess of $700 million for collaboration and clinical development events, as well as royalties on worldwide sales of products which successfully result from the alliance. In addition, Sirna will be eligible to receive contract manufacturing revenues.
"By combining GSK's pulmonary drug delivery expertise with Sirna's advanced application of RNAi technology, this alliance will expedite the development of novel therapeutics with potential use in a number of respiratory diseases such as asthma and COPD," said Dr. Garth Rapeport, Senior Vice President, Respiratory & Inflammation CEDD, at GSK. "We recognise Sirna's leadership in the area of RNAi-based therapeutics and hope for the potential benefits this research will bring to patients."
Under the terms of the agreement, Sirna will provide GSK optimised and formulated siRNAs against Sirna and GSK targets. GSK will assume all responsibility for the further preclinical and clinical development of these compounds as well as worldwide commercialisation of products resulting from the alliance.
"This collaboration is an extraordinary opportunity for us to work with GSK, the world's second largest pharmaceutical company, to develop important new medicines to treat patients with serious respiratory diseases," stated Howard W. Robin, President and CEO of Sirna Therapeutics. "With this collaboration, Sirna continues to successfully execute our strategy to ally selected therapeutic programs or drug targets with pharmaceutical companies that lead the industry in their respective markets."
Sirna will conduct a live audio webcast conference call to discuss this alliance on April 3, 2006 at 8:30 am ET. To participate over the Internet, go to www.sirna.com. Participants are urged to log on to the web site 15 minutes prior to the scheduled start time to download and install any necessary audio software. To access the live telephonic broadcast, domestic callers should dial (877) 502-9272; international callers may dial (913) 981-5581.
An audio webcast replay will be available on Sirna's web site, www.sirna.com, for 30 days. Additionally, a telephonic replay of the call will be maintained through midnight, Monday, April 17, 2006. To access the replay, please dial (888) 203-1112 from the U.S. or (719) 457-0820 when calling internationally, using confirmation code 8943556.
About GSK
GlaxoSmithKline -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer.
About Sirna Therapeutics
Sirna Therapeutics is a clinical-stage biotechnology company developing RNAi-based therapies for serious diseases and conditions, including age-related macular degeneration (AMD), hepatitis B and C, dermatology, asthma, Huntington's disease, diabetes and oncology. Sirna Therapeutics completed its Phase 1 clinical trial for Sirna-027 in AMD in 2005 and with its strategic partner, Allergan, Inc., will move Sirna-027 into Phase 2 clinical trials in 2006. Sirna has selected a clinical compound for hepatitis C virus, Sirna-034, which the Company plans to bring into Phase 1 clinical trials by the end of 2006. Sirna has established an exclusive multi-year strategic alliance with GlaxoSmithKline for the development of siRNA compounds for the treatment of respiratory diseases. Sirna has a leading intellectual property portfolio in RNAi covering over 250 mammalian gene and viral targets and over 175 issued or pending patents covering other major aspects of RNAi technology. More information on Sirna Therapeutics is available on the Company's web site at sirna.com. |
