Isis pays $120M for Symphony GenIsis

California, USA-based Isis Pharmaceuticals says it has acquired all of the equity of Symphony GenIsis at the pre-negotiated price of $120.0 million. Prompting this move, Isis announced its metabolic disease-focused collaboration with Ortho-McNeil, a Johnson & Johnson company, to discover, develop and commercialize up to four antisense drugs (Marketletter September 24).

The collaboration includes licensing two drugs previously held by Symphony GenIsis, ISIS 325568 and ISIS 377131, which target glucagon receptor and glucocorticoid receptor. In addition, Isis has reacquired full ownership of ISIS 301012, its cholesterol-lowering drug targeting apolipoprotein B-100.

Symphony GenIsis was the entity formed in April 2006 by Symphony Capital Partners, and capitalized with $75.0 million, to fund development of three of Isis' drugs. As part of the purchase price, Isis paid Symphony Capital $80.4 million in cash and around 3.4 million shares of its stock, for an aggregate value of $39.6 million based on a 60-day average closing price prior to the date Isis exercised the repurchase.