Isis Pharmaceuticals Inc. has entered into a multi-year drug discovery collaboration with Pfizer Inc to identify second-generation antisense drugs for the treatment of ophthalmic disease.

Under the terms of the agreement, Isis will receive a technology access fee of $1 million, research funding, and milestone payments. In addition, Isis will receive royalties on the sale of drugs resulting from the collaboration.

Using Isis' proprietary second-generation antisense platform, the companies will work together to identify antisense drugs against targets selected by Pfizer. Pfizer will be responsible for clinical development and commercialization of the antisense drugs. Pfizer may develop the antisense drugs identified in the collaboration for all human health indications, release from Isis said.

"Isis has already shown that antisense drugs can be effective in treating ocular diseases, having discovered and developed Vitravene. We are excited to contribute to Pfizer's leading ophthalmology program and at the same time work with a recognized expert to extend the technology beyond our primary therapeutic focus," said C. Frank Bennett, Isis' vice president of Antisense Research.