Company news from the 05/15/07 news brief

Bristol-Myers Squibb announced it would pay up to $192 million in a deal with Isis Pharmaceuticals to develop and market a new line of drugs for the prevention and treatment of cardiovascular disease. The drugs will target PCSK9, which helps regulate the amount of cholesterol in the bloodstream. Under the terms of the deal, Bristol-Myers Squibb will pay Isis a $15 million licensing fee for access to Isis’ PCSK9 research program, contribute at least $9 million to research funding over three years, and pay up to $168 million in fees for the initial drug development. Bristol-Myers Squibb will also pay Isis royalties on drug sales. While Bristol-Myers Squibb will fund the collaboration, both companies will be responsible for preclinical development.