Vancouver's Tekmira Pharmaceuticals Corp. (TSX:TKM) will receive at least US$11.2 million over the next three years from Alnylam Pharmaceuticals Inc., its Massachusetts-based partner, for process development and manufacturing services.
Tekmira is working on Alnylam's Phase 2 development of RNAi therapeutics that use Tekmira's SNALP technology.
The manufacturing and development funding is in addition to ongoing research between the two companies and in addition to any milestone payments they receive from Alnylam.
Under the Tekmira-Alnylam partnership, Tekmira is eligible to receive up to US$16 million in milestones on each RNAi therapeutic advanced by Alnylam or its partners that uses Tekmira's technology. It would also receive royalties on product sales.
Tekmira's share price range during the past week: between $0.38 and $0.65; 52-week high: $1.45; 52-week low: $0.27.