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22 December 2016Americas

Pfizer agrees $10m licensing deal with BioInvent

Pfizer has agreed a collaboration and licensing agreement with Sweden-based pharmaceutical company BioInvent International on cancer immunotherapy research.

The agreement, which will see the companies develop antibodies targeting tumour-associated myeloid cells, was announced yesterday, December 21.

As part of the deal, Pfizer will pay BioInvent approximately $10 million in early payments.

These consist of an upfront payment and early research funding, and a $6 million equity investment in new shares of BioInvent.

Five antibodies are expected to be developed through to commercialization, and BioInvent will be eligible for potential future payments related to certain development milestones.

Pfizer will have the right to develop and commercialise any antibodies generated to an undisclosed number of tumour-associated myeloid cell targets.

Michael Oredsson, CEO of BioInvent said: "We are very pleased to announce this discovery and development collaboration with Pfizer, which will leverage our cancer antibody biology and immuno-oncology expertise.”

Robert Abraham, senior vice president and head of Pfizer's oncology research and development group, added: "We look forward to collaborating with BioInvent, as we believe that modulating the activity of tumour-associated myeloid cells presents an opportunity to help us expand our portfolio in oncology and ultimately deliver on our mission to bring innovative new medicines to cancer patients.”

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