Biogen Idec has invested $45m in pharmaceuticals company Portola as part of a commercialisation agreement that could eventually be worth more than $500m.
US-based pharmaceutical company Portola signed a collaboration and licensing agreement with biotechnology corporation Biogen Idec on Thursday with Biogen investing $45m in Portola upfront as part of the deal.
Under the terms of the agreement the firms will jointly develop treatments for autoimmune and inflammatory diseases including rheumatoid arthritis and lupus. Biogen’s upfront payment consists of $36m in cash and $9m in equity while milestone payments could potentially reach $508.5m.
Portola has previously signed commercial agreements with pharmaceutical conglomerates Merck…
