Ionis Pharmaceuticals, Inc announced that it has earned $5 million milestone payment from Janssen Biotech, Inc. (Janssen) associated with the validation of an undisclosed target to treat patients with a gastrointestinal (GI) autoimmune disease. Under the collaboration, Ionis and Janssen will continue to evaluate the target with the goal of advancing an antisense drug into development.

"In just two short years, our collaboration with Janssen has proven to be very successful. Earlier this year, we earned $10 million when Janssen licensed IONIS-JBI1-2.5Rx, an orally delivered antisense drug for the treatment of a GI autoimmune disease. The program announced today marks the second to advance under our collaboration with Janssen," said B. Lynne Parshall, chief operating officer at Ionis. "We are excited by the rapid advancement of both programs and look forward to the continued progress of this collaboration."

Under the terms of the agreement, which covers three programs, Ionis is eligible to receive nearly $800 million in development, regulatory and sales milestone payments and license fees. In addition, Ionis will receive tiered royalties that on average are double-digits on sales from any product that is successfully commercialized.