WASHINGTON (dpa-AFX) - Tenaya Therapeutics (TNYA) announced a research collaboration agreement with Alnylam Pharmaceuticals (ALNY), to discover human genetic targets for the potential development of disease-modifying treatments for cardiovascular diseases. Tenaya will validate up to 15 gene targets. Tenaya will receive up to $10 million in the form of an upfront payment, in addition to reimbursement for related costs incurred over the two-year validation term.
Alnylam will be responsible for all development and commercialization activities of therapeutics associated with the identified gene targets. Tenaya may be eligible to receive as much as $1.13 billion in development and commercial milestone payments from Alnylam should all genetic targets lead to approved therapeutics for cardiovascular disease.
In pre-market trading on NasdaqGS, Tenaya shares are up 11.8 percent to $0.6499.
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