Isis Pharmaceuticals Inc. (NASDAQ:ISIS): Closing price $32.09
Isis announced that it has earned a $5 million milestone payment from GlaxoSmithKline regarding designation of ISIS-GSK as a development candidate. ISIS-GSK is an antisense drug created to treat an undisclosed ocular disease. Through the alliance, Isis is eligible to earn additional pre-licensing milestone payments from GlaxoSmithKline as ISIS-GSK advances. For its part, Isis will develop ISIS-GSK to Phase 2 proof-of-concept, at which time, GlaxoSmithKline has a right to exclusively license it. Isis is also eligible to receive double-digit royalties from the sales of ISIS-GSK.
Merck & Co. Inc. (NYSE:MRK): Closing price $48.02
The niche generic pharmaceutical firm Akorn Inc. on Friday announced that it has purchased from Merck the United States rights to three branded ophthalmic products, including those product rights obtained through the acquisition of Inspire Pharmaceuticals Inc., which is a subsidiary of Merck, at the price of $52.8 million in cash. Products included in this transaction include AzaSite, COSOPT, and COSOPT PF. Beyond that, Akorn has signed a two-year supply accord with Merck along with a transition services agreement on customary terms. Akorn will ship COSOPT and COSOPT PF immediately upon closing, and expects to begin shipping AzaSite in the first quarter.
Valeant Pharmaceuticals International Inc. (NYSE:VRX): Closing price $107.12
Valeant said Friday that its wholly owned subsidiary, Valeant Pharmaceuticals North America LLC, has been advised that its new drug application for Luzu (luliconazole) Cream, 1percent, has been okayed by the FDA. Luzu Cream, 1 percent is indicated for the topical treatment of athlete’s foot (interdigital tinea pedis), jock itch (tinea cruris), and ringworm (tinea corporis), caused by the organisms Trichophyton rubrum and Epidermophyton floccosum, in patients 18 years of age and older. These are very common skin diseases caused mostly by dermatophyte fungi.