By Chris Wack

Akcea Therapeutics Inc. (AKCA) shares, a majority-owned affiliate of Ionis Pharmaceuticals Inc. (IONS), rose 44% to $21.74 after the company said it and Pfizer Inc. (PFE) have entered into a worldwide exclusive licensing agreement for Akcea-Angptl3-L(Rx), an investigational antisense therapy being developed to treat patients with certain cardiovascular and metabolic diseases.

The companies said that under terms of the agreement, Akcea and Ionis will receive a $250 million upfront license fee, which will be split equally between the two companies. Akcea will settle its $125 million obligation to Ionis in Akcea common stock.

The companies said they are also eligible to receive development, regulatory and sales milestone payments of up to $1.3 billion and tiered, double-digit royalties on annual worldwide net sales following marketing approval of Akcea-Angptl3-L(Rx).

Future milestone payments and royalties will be split equally between Akcea and Ionis. Pfizer is responsible for all development and regulatory activities and costs beyond those associated with the ongoing Phase 2 study.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 07, 2019 09:57 ET (13:57 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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