April 10, 2007
Pfizer in deal with Australian drug delivery product firm
Pfizer and Australian bio-nanotech company Psivida have entered into an exclusive worldwide collaborative research and license agreement deal. Psivida, which develops drug delivery products primarily for ophthalmology and oncology, will receive up to $155 million in development and sales-related milestone payments, according to published reports. Additionally, Pfizer will invest $5 million in shares of Psivida upon entering the deal and $5 million in the future. The companies will develop ophthalmic products using Psivida’s technology, with Pfizer paying the cost of the joint-research program. Under the agreement, Pfizer will have exclusive license to market all the ophthalmic products developed under the collaboration and will pay a royalty on net sales of those products. Technology included under the collaboration includes Psivida’s Medidur, a small injectible device made for sustained release of drugs and being studied as a treatment for diabetic macular edema, a complication of diabetic retinopathy caused by fluid build-up in the central vision portion of the retina. Meanwhile, Caliper Life Sciences, a Massachusetts-based maker of reagents, software and screening systems for drug makers, said it will conduct profiling experiments on live animals for Pfizer. The one-year contract involves Caliper using its technology to study the effects of acute or chronic drug dosing in mice to find new uses for drugs already under development. Financial terms of the deal were not disclosed.