We have a long history of establishing alliances with pharmaceutical industry leaders. We form traditional partnering alliances that enable us to discover and conduct early development of new drugs, outlicense our drugs to partners, and build a broad base of license fees, milestone payments, profit share and royalty income. In contrast, our preferred partner transactions provide us with a vested partner early in the development of a drug. With our preferred partners, we are able to expand and broaden our drug discovery efforts to new disease targets in therapeutic areas that are outside of our expertise or in areas where our partners will provide tools and resources that will complement our drug discovery efforts. For instance, we established a broad strategic alliance with Biogen that pairs Biogen’s extensive resources and expertise in neurological diseases with our antisense technology. Together we are creating a franchise of novel treatments for neurological disorders that will expand both our pipeline and Biogen’s pipeline with promising new treatments. In cancer, we are working with our partner, AstraZeneca, to conduct comprehensive clinical programs for IONIS-STAT3-2.5Rx and IONIS-AR-2.5Rx, anti-cancer drugs we licensed to AstraZeneca. Through our collaboration, we are also applying AstraZeneca’s proprietary preclinical cancer models and screening systems to evaluate new oncology targets. In December 2014, we entered into a preferred partner transaction with Janssen for the development of antisense drugs to treat autoimmune disorders of the gastrointestinal (GI) tract. This collaboration broadens the applicability of our antisense technology to new targets in the GI tract and expands our technology to a new area, the oral administration of antisense drugs for the local treatment of autoimmune diseases in the GI tract. In May 2015, we entered into an exclusive license agreement with Bayer HealthCare to develop and commercialize IONIS-FXIRx for the prevention of thrombosis. As a leader in the antithrombotic market, Bayer has the expertise, resources and commitment to broadly develop IONIS-FXIRx.
In all of our partnerships, we benefit from the expertise our partners bring to our drugs. By coupling our partnering activity with our efficient drug discovery technology, we can develop the majority of our drugs in our core therapeutic areas ourselves through proof-of-value prior to licensing. As a result of our unique strategy and innovative research and development capabilities, we can keep our organization small and focused.