Foley Hoag Represents AGTC in Collaboration and License Agreement with Biogen
July 7, 2015
Foley Hoag LLP recently represented Applied Genetic Technologies Corporation (NASDAQ: AGTC), a publicly traded company focused on gene therapy, in its collaboration, manufacturing and equity investment agreements with Biogen (NASDAQ: BIIB). Under the collaboration, AGTC is eligible to receive upfront, milestone and other payments exceeding $1 billion plus royalties.
AGTC is a clinical-stage biotechnology company that uses its proprietary gene therapy platform to develop products designed to transform the lives of patients with severe diseases in ophthalmology. AGTC is also using its gene therapy expertise to expand into disease indications with large market opportunity such as wet AMD and other ophthalmology and orphan indications.
The collaboration with Biogen will focus on the development of a portfolio of AGTC’s therapeutic programs, including both a clinical stage candidate and a pre-clinical candidate for orphan diseases of the retina that can lead to blindness in children and adults. The agreement includes options for early stage discovery programs in two ophthalmic diseases and one non-ophthalmic condition, as well as an equity investment in AGTC by Biogen and a manufacturing license for Biogen to use AGTC’s proprietary technology platform to target several other genes.
The transaction is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, and is expected to close in the third calendar quarter of 2015.
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