Argo Biopharmaceutical Co., a clinical-stage biotechnology company focused on developing next-generation siRNA therapeutics, announced that it has entered into an additional strategic collaboration with Novartis for multiple cardiovascular assets in Argo's pipeline.

The new agreements are in addition to the existing collaboration between the two companies and comprise their third transaction including assets from Argo's pipeline.

"We are thrilled to deepen our collaboration with Novartis, a global leader in Cardiovascular, Renal and Metabolic areas," said Dr. Dongxu Shu, Co-Founder, Chairman of the Board, and CEO of Argo Biopharma. "This new collaboration further supports the innovation engine Argo has built to deliver best-in-class siRNA therapeutics while building a top-tier clinical development team across multiple geographies.  Argo's ambition is to become a global biotech, and corporate development activities are an important component to expand the reach of our hepatic and ex-hepatic siRNA therapeutics."

"Long-acting siRNAs which are designed to deeply and durably target disease-causing proteins represent an important paradigm shift in prevention and treatment of cardiovascular diseases. We are excited to build on our work with Argo through these new agreements, which include additional molecules," said Shaun Coughlin, Global Head of Cardiovascular and Metabolism at Novartis Biomedical Research. "Novartis is committed to advancing innovative treatments for patients with cardiovascular conditions, and our collaboration with Argo further strengthens our efforts to advance potential new therapies that address unmet medical needs."

Under the terms of the agreement, Argo will receive an upfront payment of $160 million and is eligible to receive potential milestone and option payments of a combined potential value of up to $5.2 billion, as well as tiered royalties on commercial sales. In addition, Novartis has expressed its non-binding intention to participate in Argo's next round of equity financing. Such participation (including the amount and timing) remains subject to customary due diligence, negotiation of and entry into definitive documentation.

BofA Securities served as financial advisor to Argo Biopharma on this transaction.