Ophthotech acquires Biogen/PDL license for macular degeneration treatment

CAMBRIDGE, Mass. and REDWOOD CITY, Calif. Biogen Idec and PDL BioPharma have licensed the antibody volociximab to treat age-related macular degeneration to Ophthotech, according to published reports.

The terms of the deal were not disclosed, but the deal gives both Biogen and PDL an equity position in Ophthotech, plus any milestone or royalty payments based on development goals or product sales. In return, Ophthotech gains global development and commercial rights to all ophthalmic uses of volociximab.

Biogen and PDL had been jointly developing volociximab since 2005, when they both signed a collaboration agreement. That still continues in other indications. Among their more prominent efforts: The companies continue to explore whether the antibody can be used to treat solid tumor cancers.