Shares of Ionis Pharmaceuticals Inc.

IONS, -1.85%

rallied 4.7% in premarket trade, after the drug discovery company announced a new collaboration deal with Switzerland-based Roche Holding AG


which could be worth up to $759 million for Ionis. As part of the deal to develop IONIS-FB-L (Rx) for the treatment of complement-mediated diseases, Ionis will receive a $75 million upfront payment, and will be eligible for up to $684 million in milestone payments and license fees. Ionis is responsible for conducting a phase 2 trial of IONIS-FB-L for treating dry age-related macular degeneration (AMD) and for exploring the drug in a rare severe renal indication. Roche has the option to license the drug after the studies are completed. Ionis shares have shed 10.8% year to date through Tuesday, while the S&P 500

SPX, -3.29%

has gained 7.7%.

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