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Pfizer signs $250M up-front deal with Akcea to develop metabolic disease therapy

Pfizer Inc. has signed a licensing deal with Akcea Therapeutics Inc. worth $250 million up front to develop an investigational treatment for cardiovascular and metabolic diseases.

The two companies have agreed to collaborate on AKCEA-ANGPTL3-LRx, an antisense therapy Akcea is developing to reduce the production of a certain protein in the liver that regulates triglycerides, cholesterol, glucose and energy metabolism. The therapy is in a phase 2 clinical trial of patients with Type 2 diabetes, hypertriglyceridemia — a high level of triglycerides and nonalcoholic fatty liver disease, an umbrella term for a range of liver conditions.

Akcea, which is majority-owned by Ionis Pharmaceuticals Inc., will receive $250 million up front and be eligible for up to $1.3 billion in royalties based on worldwide sales following regulatory approval of AKCEA-ANGPTL3-LRx. The up-front fee will be split equally between Akcea and Ionis, and Akcea will settle a $125 million obligation to the owner in common stock. Ionis and Akcea will split equally future milestone and royalty payments.

New York-based Pfizer will be responsible for development and regulatory activities, plus the costs for further clinical development beyond the phase 2 study.

AKCEA-ANGPTL3-LRx was originally discovered by Carlsbad, Calif.-based Ionis, but has been co-developed with Akcea.

Boston-based Akcea is a biopharmaceutical company that develops drugs to treat rare diseases.