GlaxoSmithKline, Sirna form alliance for RNAi-based respiratory therapies

By Elaine Rigoli

Tampa, Fla., April 3 - GlaxoSmithKline and Sirna Therapeutics, Inc. announced Monday that they are forming an exclusive multi-year strategic alliance focused on discovery, development and commercialization of RNA interference (RNAi)-based therapeutics for respiratory diseases.

Sirna will receive an initial payment of $12 million, made up as cash and purchase of Sirna common stock, priced at $8.36 per share, according to a news release.

Under the agreement, Sirna may also receive milestone payments in excess of $700 million for collaboration and clinical development events, as well as royalties on worldwide sales of products that result from the alliance, the release said.

In addition, Sirna will be eligible to receive contract manufacturing revenues.

Under the agreement, Sirna will provide GlaxoSmithKline optimized and formulated siRNAs against Sirna and GlaxoSmithKline targets.

GlaxoSmithKline will assume all responsibility for the further preclinical and clinical development of these compounds as well as worldwide commercialization of products resulting from the alliance, the release said.

GlaxoSmithKline is a research-based pharmaceutical and health care company with headquarters in London.

San Francisco-based Sirna is a clinical-stage biotechnology company developing RNAi-based therapies for serious diseases and conditions.

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