Alachua-based AGTC and Massachusetts-based Biogen announced on Thursday (July 2) that they have signed a broad agreement to develop gene-based therapies for multiple diseases of the eyes.
Biogen will immediately pay $124 million to AGTC. AGTC is eligible to receive payments, based on meeting milestone, of more than $1 billion — with part of the payments will be based on royalties on sales in the future.
The two companies will focus on developing various treatments based on AGTC’s research that treat orphan diseases of the retina – potentially leading to blindness in children and adults.
Biogen will acquire equity in AGTC, and it will have manufacturing rights for AGTC’s products, the two companies said in a press releases.
“With this collaboration, we hope to advance gene therapies to open possibilities for patients who suffer from diseases that are well-understood but have no adequate treatment,” said Olivier Danos, Biogen’s senior vice president, cell and gene therapy.
AGTC President and CEO Sue Washer also discussed the agreement.
“We expect this collaboration will further validate our novel adeno-associated gene therapy platform and support the development of new therapies that may allow for transformative treatments for these rare inherited eye diseases,” she said.