GSK and Sirna enter alliance worth up to $700M

9 April 2006

UK drug major GlaxoSmithKline and USA-based Sirna Therapeutics say they are forming an exclusive multi-year strategic alliance focused on discovery, development and commercialization of novel RNAi-based therapeutics for respiratory diseases. Sirna will receive an initial payment of $12.0 million, made up as cash and purchase of its common stock, priced at $ 8.36 per share. Under the terms of the deal, it may also receive milestones in excess of $700.0 million for collaboration and clinical development events, as well as royalties on worldwide sales of eventual products. In addition, Sirna will be eligible for contract manufacturing income.

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