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Bayer to advance Ionis Pharma's clotting medicine

Ionis Pharmaceuticals Inc. IONS, -2.33% said Wednesday it has been notified by its partner, Bayer AG (BAYN.XE), about its decision to advance Ionis-FXI-L(Rx) following positive clinical results.

Ionis's Ionis-FXI-L(Rx) is an antisense medicine being developed to treat patients with clotting disorders.

Ionis entered into an exclusive license agreement with Bayer in May 2015 to develop and commercialize Ionis' programs for the treatment of clotting disorders.

Ionis said that under the agreement, it has generated more than $185 million to date, including a $10 million milestone payment Ionis earned with Bayer's continuation decision. Ionis said it is eligible to receive additional milestone payments as the medicine advances toward the market, as well as tiered royalties in the low to high twenty percent range on gross margins.

Bayer will now assume all development, regulatory and commercialization activities and costs.

Write to Chris Wack at chris.wack@wsj.com

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