Arrowhead Pharmaceuticals Inc. of Pasadena announced Aug. 1 it had received a $10 million milestone payment from Amgen Inc., now developing an Arrowhead drug to treat cardiovascular disease.
The payment by the Thousand Oaks-based biotechnology giant followed the first dose of AMG 890 drug in a clinical trial designed to cut down levels of lipoprotein associated with the disease.
“We are thrilled that Amgen has advanced AMG 890 into a phase 1 clinical study, resulting in a $10 million milestone payment to Arrowhead,” said Chris Anzalone, its chief executive, in a statement.
Shares in Arrowhead Pharmaceuticals rose more than 2.5 percent to nearly $15 following the announcement. Its stock has shot up 300 percent this year, pushing its market capitalization to $1.3 billion
Arrowhead Pharmaceuticals employs a broad portfolio of RNA-interference (RNAi) drugs designed to inhibit harmful proteins by silencing the genes that cause them. Its Targeted RNAi Molecule (TRIM) targets specific genes in order to affect production of specific proteins.
Arrowhead licensed two of its RNAi compounds for cardiovascular disease to Amgen in 2016 in a deal valued up to $674 million, including milestones. The AMG 890 drug licensed to Amgen marks the third Arrowhead drug to enter clinical development this year.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.