Ionis Pharmaceuticals (IONS) said Wednesday it has entered into a license agreement with Sobi that allows it exclusive commercialization rights for olezarsen in countries outside the US, Canada, and China.

Olezarsen is a potential treatment for familial chylomicronemia syndrome and severely elevated triglycerides, and was approved by the US Food and Drug Administration to reduce triglycerides in adults with the disease, as an adjunct to diet. The treatment is under review by the European Medicines Agency, with approval possible within the year, Ionis said.

After approval, Sobi will lead efforts to launch olezarsen outside of the mentioned countries. Under the agreement, Iois will receive an upfront payment, with additional payments based on the achievement of milestones and a tiered royalty of up to mid-20% range on annual net sales.

Ionis also said it is evaluating olezarsen for the treatment of severe hypertriglyceridemia in three phase 3 trials, with data expected within the year.