Pfizer selects R343, Rigel earns $5M milestone

The USA's Rigel Pharmaceuticals says that R343, its novel small-molecule drug candidate, has been selected for advanced preclinical development in allergic asthma by world drugs giant Pfizer. The move triggers a $5.0 million milestone payment to the San Francisco-based firm.

The firms' 2005 collaboration is centered on syk kinase inhibitors via intrapulmonary delivery and, under the terms of the agreement, Rigel is also eligible to receive milestone payments for preclinical and clinical events as well as royalties on any future product sales (Marketletter January 31, 2005). As part of the deal, Pfizer has made an equity investment in Rigel and is responsible for worldwide development and commercialization of any resulting compounds. Additional terms were not disclosed.

R343 is designed to block the major pathways that are triggered in allergic asthma. It appears to be particularly appropriate for intrapulmonary delivery due to its limited systemic exposure, the firms noted.