Date: 2015-11-30
Type of information: R&D agreement
Compound: new medicines directed at up to 10 G protein-coupled receptor (GPCR) targets
Company: Heptares Therapeutics (UK) Pfizer (USA - NY)
Therapeutic area:
Type agreement: R&D
Action mechanism:
Disease:
Details: * On November 30, 2015, Heptares Therapeutics, a clinical-stage GPCR structure-guided drug discovery and development company and wholly-owned subsidiary of Sosei, announced that it has entered into a strategic drug discovery collaboration with Pfizer to research and develop potential new medicines directed at up to 10 G protein-coupled receptor (GPCR) targets across multiple therapeutic areas. Heptares will use its proprietary GPCR structure-guided platform to help deliver stabilised GPCRs (StaR® proteins), high-resolution crystal structures and other technologies to support the discovery of potential novel agents directed to the GPCR targets selected by Pfizer. Pfizer will be responsible for developing and commercialising any potential therapeutic agents (small molecules or biologics derived from StaR antigens) for each target and will have exclusive global rights to any potential resulting agents.
Financial terms: Heptares will receive an initial payment on signing the agreement in return for delivering certain StaR proteins and structures for targets selected by Pfizer that it has already generated. Heptares is eligible to receive potential research, development, regulatory and commercial milestone payments of up to USD189 million per target. In addition, Heptares is eligible to receive potential tiered royalties on the net sales of any products that are commercialised by Pfizer.
In addition, Sosei and Pfizer Seiyaku KK have entered into an equity agreement under which Pfizer KK will purchase $33 million of newly issued Sosei common stock at a premium of 25% to the average closing price during the 20-day period prior to the closing date. The closing is expected to be in December 2015. The investment will represent approximately 3.02% of the enlarged Sosei share capital and is subject to review by Japanese financial authorities.
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