BOSTON, March 14, 2012 /PRNewswire/ -- MAKScientific, LLC, a privately held company focused on the discovery of novel therapeutics modulating cannabinoid pathways, today announced that it has entered into an exclusive, worldwide option and collaboration agreement with Biogen Idec (NASDAQ: BIIB) to develop and commercialize drug candidates for the treatment of multiple sclerosis (MS) and other neurodegenerative diseases.
Under the agreement, Biogen Idec will receive an option for an exclusive license to select discovery-stage MAKScientific drug candidates for all indications worldwide. Upon Biogen Idec's exercise of the option, MAKScientific will be eligible to receive an exercise fee of up to $3 million and up to an additional $31 million in milestone payments associated with the clinical development of the drug candidates. In addition, MAKScientific will be eligible to receive royalties on net sales worldwide.
"We are very excited to initiate this collaboration with Biogen Idec," said Alexandros Makriyannis, PhD, Founder of MAKScientific. "We believe it will help advance our proprietary medicinal chemistry to the benefit of MS patients. As a global leader in MS research and development, Biogen Idec is the ideal partner for our discovery and development program."
MAKScientific LLC, is a privately held, Massachusetts-based, discovery stage, life sciences company specializing in the identification and development of novel therapies exploiting cutting-edge cannabinoid receptor pathways for the treatment of pain, inflammatory disorders and MS.
SOURCE MAKScientific, LLC