Theraclone set to earn up to $632 million in antibodies deal with Pfizer

Privately held, Seattle-based discovery-stage biotech firm Theraclone Sciences says it has  entered into a multi-year R&D collaboration with global drugs behemoth Pfizer (NYSE: PFE) under which both companies will jointly work on discovery activity to identify reactive antibodies directed against up to two infectious disease targets and up to two cancer targets, using Theraclone's I-STAR technology.

Under the terms of the deal, Theraclone is eligible to receive undisclosed royalties on sales of any developed products and up to $632 million in research funding and milestone payments upon the achievement of discovery, development, regulatory and commercialization milestones. Pfizer will be responsible for preclinical and clinical development of the antibodies.

Theraclone and Pfizer will embark on a discovery program to identify broadly reactive antibodies directed against up to two infectious disease targets and up to two cancer targets. Pfizer will receive an exclusive worldwide license to any therapeutic antibodies discovered under the collaboration.