Pfizer exercises option under Accurin deal with BIND Therapeutics
US clinical-stage nanomedicines specialist BIND Therapeutics (Nasdaq: BIND) says pharma giant Pfizer (NYSE: PFE) has exercised its option to obtain an exclusive license to develop and commercialize an Accurin drug candidate for the treatment of solid tumors under the companies’ global collaboration agreement (The Pharma Letter April 4, 2013). BIND’s shares advanced 5.15% to $4.47 in pre-market trading this morning.
The actively targeted Accurin is designed to impart cellular targeting capability and was engineered by BIND using one of Pfizer’s proprietary kinase inhibitors and one of BIND’s proprietary ligands. As a result of the option exercise, BIND will receive a $2.5 million option exercise fee from Pfizer. In parallel with exercising its first option, Pfizer informed BIND that it will not exercise its option for the second compound in the collaboration.
Validates the company’s technology
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