Australia's CTx in up to $460 million deal with Pfizer on novel cancer drugs

Melbourne, Australia-headquartered Cancer Therapeutics CRC (CTx) has announced a two-year research collaboration and a license agreement with Pfizer (NYSE: PFE).

Under the terms of the accord, Pfizer will gain the rights to two novel pre-clinical cancer programs and CTx will receive $14.2 million (A$20 million) upfront payment, up to a potential $460 million in development and sales milestones, as well as royalties on product sales if the program reaches commercialization. The two programs target proteins that are known to play an important role in driving the growth of both solid and blood cancers.

Brett Carter, chief executive of CTx, said: “We are very excited to work with a company of Pfizer’s calibre on the progression of these programs. This deal, together with the three prior deals for CTX technology, has the potential to return a billion dollars to Australia. Funds that will help support the biomedical sector and that can be ploughed into new drug discovery programs; providing opportunities for the world class team we have developed, and potentially leading to the delivery of new treatments for patients and economic benefits for the nation”.