Oxford BioMedica earns Pfizer milestone
UK, gene-based biopharma company Oxford BioMedica (LSE: OXB) says it has received a $1 million milestone payment from US pharma behemoth Pfizer (NYSE: PFE), which has been triggered by the entry of PF-06263507, a 5T4-targeted investigational antibody therapy, into human clinical trials.
Under the terms of the agreement with Pfizer, Oxford BioMedica licensed global rights to develop antibodies targeting the 5T4 tumor antigen for the treatment of cancer to Wyeth (acquired by Pfizer in 2009) in 2001. Pfizer also has non-exclusive rights for the diagnostic use of 5T4 antibodies, including an option for commercialization of a 5T4-based diagnostic.
The potential value of Oxford BioMedica’s collaboration with Pfizer is worth up to an additional $27 million, which comprises future milestone payments and licence option fees that are subject to the achievement of certain project objectives.
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