24th Sep 2019 14:33
(Alliance News) - Silence Therapeutics PLC on Tuesday said the first USD2 million of research milestones in its Mallinckrodt Pharmaceuticals PLC SLN500 programme has been triggered.
Shares in Silence were down 4.1% at 188.00 pence in London in afternoon trading.
SLN500 is being developed as a treatment for inflammation, including inflammation caused by autoimmune diseases.
In July, Mallinckrodt invested USD5 million in Silence for a 6.5% stake and agreed to pay USD20 million upfront for an exclusive licence for SLN500 plus options for two more licences. Mallinckrodt may end up paying USD100 million depending on regulatory milestones for SLN500, and up to USD563 million based on commercial milestones.
Mallinckrodt and Silence are currently assessing the two extra licences and "further updates will be made in due course".
Silence Chief Executive David Horn Solomon said: "Our partnership with Mallinckrodt has proved both exciting and productive and the triggering of this first research milestone highlights the rapid progress which has been achieved to date through the collaboration. We remain committed to progressing SLN500 into clinical development and we look forward to further milestones as we rapidly develop this and potentially other innovative assets targeting the complement pathway."
By Anna Farley; [email protected]
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