July 2, 2015 7:30am
Biogen will make an upfront payment in the amount of $124 M to AGTC, which includes a $30 M equity investment in AGTC at a price equal to $20.63 per share and certain prepaid R&D expenditures;
BIIB will be granted a license to the XLRS and XLRP programs and the option to license discovery programs for three (3) additional indications at the time of clinical candidate selection;
AGTC is eligible to receive upfront and milestone payments exceeding $1 billion under the collaboration;
This includes up to $472.5 M collectively for the two lead programs, which also will carry royalties in the high single digit to mid-teen percentages of annual net sales;
In addition, Biogen will make payments up to $592.5 M across the discovery programs, along with royalties in the mid-single digits to low teen percentages of annual net sales.
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