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A partnership with one of the world’s largest biotech companies means a strong year ahead for Isis Pharmaceuticals, CEO Stanley Crooke said Wednesday on “Fast Money.”
Isis announced that it would receive $29 million from Biogen Idec as part of work on a drug to battle SMA, a deadly genetic muscular disease in children.
“I think 2012 for Isis is going to be a really great year,” he said.
Crooke said the drug, ISIS-SMNRx, has started clinical trials.
Isis shares were down 3 cents midday at $7.22.
Under the terms of the agreement, Isis will be eligible to receive up to $45 million associated with the clinical development and a license fee up to an additional $225 million, plus double-digit royalties.
Crooke also noted the company has in its development pipeline a drug to lower cholesterol and an anti-obesity drug that improves energy use.
“What keeps me up at night is the challenges of drug discovery and development and the opportunities presented by the technology we’ve invented,” he said.
Asked if Isis was a takeover target, Crooke said, “Well, we certainly don’t want to be.”
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