Sosei Subsidiary Heptares Therapeutics signs drug discovery deal with Pfizer
Tuesday, December 01, 2015
Heptares Therapeutics, a clinical-stage GPCR structure-guided drug discovery and development unit of Sosei Group Corp., (SOLTF), announced Monday that it has entered into a strategic drug discovery collaboration with Pfizer Inc. (PFE).
The deal is to research and develop potential new medicines directed at up to 10 G protein-coupled receptor or GPCR targets across multiple therapeutic areas.
Heptares is eligible to receive potential research, development, regulatory and commercial milestone payments of up to $189 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.
Heptares will use its proprietary GPCR structure-guided platform to help deliver stabilised GPCRs, 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 for each target and will have exclusive global rights to any potential resulting agents.
Heptares said it 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.
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.
rttnews.com
