Biogen will Pay Applied Genetic Technologies Corp $124 Million to Develop Gene-Based Eye-Disease Therapies
With a new deal with Applied Genetic Technologies Corp., Biogen Inc. plans to enter the treatment field of eye-diseases. Biogen Inc. will be paying $124 million to Applied Genetic Technologies Corp. for license and rights of commercialization for many of its gene-based therapies.
The news sent the AGTC shares soaring by 17% in the latest trading. However, the news did not have much effect on Biogen's shares and they continued to remain comparatively flat.
Sue Washer, the Chief Executive of AGTC said that the collaboration deal will "support the development of new therapies that may allow for transformative treatments for these rare inherited eye diseases."
The deal is likely to be completed by the third quarter of this year.
AGTC focuses on developing treatment for eye diseases with gene-therapy which is still a relatively new field in the medical arena.
In a lay mans words, the treatment commonly takes a healthy DNA, packs it within a vector and then delivers it into the body, replacing the diseased genes with the desired DNA through a biological delivery mechanism.
Biogen, based in Massachusetts has been looking for some new products that will help it in level of sales. The company achieved great success from Tecfidera, the multiple-sclerosis therapy launched in 2013. However, in the most recent quarter Tecfidera seemed to lose its sheen and its slow growth led to profit and revenue that was less than expected.
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