Arrowhead Pharmaceuticals (ARWR) said Monday it has closed its licensing and collaboration agreement with Sarepta Therapeutics (SRPT), with Arrowhead getting a $500 million upfront payment and $325 million for the purchase by Sarepta of Arrowhead stock at $27.25 per share.

Arrowhead also said it will get $250 million to be paid in annual installments of $50 million over five years and may also get $300 million in near-term payments related to the enrollment of some groups of a phase 1/2 trial of ARO-DM1.

Additionally, Arrowhead said it may get development milestone payments of between $110 million and $410 million per program and sales milestone payments of between $500 million and $700 million per program as well as royalties on sales up to the low double digits.