Genzyme Corp., the Cambridge biotech giant with significant operations in Framingham and Westborough, and Isis Pharmaceuticals Inc. of California have finalized a license agreement for the cholesterol drug mipomersen.
The lipid-lowering drug was developed by Isis and is now in clinical development. The agreement gives Genzyme exclusive worldwide rights to the drug. The Massachusetts company will be the sponsor of mipomersen and will take the lead on discussions with regulatory agencies.
As part of the agreement, Isis will receive a $172 million license fee, in addition to $150 million that Genzyme paid in February to buy 5 million shares of Isis stock. The companies will share continuing development costs until the drug becomes profitable.
