Milestone was achieved with dosing of the first patient in a colorectal cancer study.
Idera Pharmaceuticals expects to receive €3.0 million, or about $3.8 million, as a milestone fee from Merck KGaA. The payment is due to the dosing of the first patient with colorectal cancer in a study of IMO-2055 in combination with Erbitux® and Camptosar® in patients.
This marks the first reported milestone achievement under the $421 million deal inked between the firms in December 2007. Idera anticipates receiving the payment during the second quarter.
Idera received $40 million at signing of the worldwide licensing and collaboration deal. It covers two toll-like receptor 9 (TLR9) agonists from Idera’s pipeline for the treatment of cancer. Under this partnership, IMO-2055 is also being studied in a Phase Ib trial in combination with Tarceva® and Avastin® in patients with advanced non-small-cell lung cancer.
—
