CytomX signs up to $635 million oncology deal with Pfizer

US biotech firm CytomX Therapeutics, which is developing a new generation of targeted antibody therapeutics, has entered into a global strategic collaboration with global pharma behemoth Pfizer (NYSE: PFE) to develop and commercialize multiple Probody-Drug Conjugates (PDCs) that could provide the smaller company with as much as $635 million in upfront and milestone payments.

"Combining our novel Probody Platform with Pfizer's broad capabilities in ADCs marks an important milestone for CytomX and underscores the potential of our Probody Platform to enable new generations of empowered antibodies," said Sean McCarthy, chief executive officer of CytomX, adding: "Our innovative science is driving the development of groundbreaking Probodies and PDCs that have already demonstrated preclinical activity when selectively activated within the tumor microenvironment. We look forward to collaborating with Pfizer with the aim of researching and developing highly differentiated PDC products that have the potential to change the way cancer is treated."

$25 million upfront