Pfizer and Adolor in pain drug pact
Pfizer and Adolor have inked a collaboration deal to develop and commercialize the novel pipeline compounds ADL5859 and ADL5747 for the treatment of pain.
Both compounds are delta opioid receptor agonist candidates with the potential to treat a wide range of inflammatory, neuropathic and acute pain conditions, the companies said in a joint-statement.
Under terms of the deal, Adolor will receive an upfront payment of $32 million. Adolor may also receive payments of up to $233 million in milestone payments. Pfizer and Adolor will share revenues and expenses 60/40 in favor of Pfizer in the US. Outside the US Pfizer will fund development activities and, on commercialization, Adolor will receive royalties on Pfizer net sales.
Adolor is running Phase IIa studies testing ADL5859 in post-dental surgery pain and in pain associated with rheumatoid arthritis. The companies plan to run additional Phase IIa studies in diabetic neuropathic pain starting in the fourth-quarter of 2007 or early 2008 and osteoarthritis starting in the second-quarter of 2008. Phase IIb studies should begin next year, predicts David Amsellem, an anlalyst with Friedman, Billings, Ramsey & Co. “We expect that Phase III studies will begin in the second half of 2009 or first half of 2010,” Amsellem wrote in a note to investors. “We believe a 2013 launch time line is reasonable, assuming the FDA will want multiple Phase III studies plus long-term safety data to support chronic pain indications.”
Shares of Pfizer were up almost 2% this morning at $23.86 following the news, while shares of Adolor shot up 19% to $4.45.