Idera Receives Milestone Payment from Novartis For Asthma and Allergy Collaboration
Idera Pharmaceuticals, the Cambridge, MA-based developer of treatments for autoimmune and infectious diseases, said today it has received an undisclosed milestone payment from drug giant Novartis. Idera (NASDAQ: IDPH) received the payment because Novartis started an early-stage clinical trial of QAX935, a drug that stimulates Toll-Like Receptor 9. The companies entered a partnership in June 2005 to develop drugs against TLR9 for asthma and allergies. Idera stock fell 2 percent to $14.34 at 10:33 a.m. Eastern time today.