Hybridon, Novartis to Develop IMO Compounds for Asthma, Allergy

Hybridon has entered into research collaboration and license agreements with Novartis for the discovery, optimization, development and commercialization of Toll-like receptor 9 (TLR9) drug candidates targeting asthma and allergy based on Hybridon's proprietary immune modulatory oligonucleotide (IMO) technology platform.

The agreements are structured in two phases. During the research collaboration phase, Hybridon and Novartis will work together to evaluate novel IMOs from which Novartis may select IMO candidates for further development through human clinical proof-of-concept trials. Based on the results, Novartis may then elect to implement the commercialization agreement, complete the development, and commercialize one or more of the IMO candidates.

Novartis will fund substantially all research activities and make payments to Hybridon, including up-front license fees and milestone payments, which if Novartis elects to exercise its option to develop and commercialize IMO candidates may total up to $136 million for the products, plus royalties.