By Jason Derry --
As reported by the San Diego Union Tribune, the Scripps Research Institute and Pfizer Inc. have agreed on a 5 year, $100 million partnership. The arrangement provides Pfizer the option of licensing up to 47% of the discoveries made at Scripps over the next 5 years, while Scripps receives $20 million per year from Pfizer. Any of the discoveries Pfizer chooses not to license will then be open for licensing to others. In addition to the $100 million, Pfizer will pay royalties to Scripps from any profits made through the exercised licenses. The deal replaces the current partnership between Scripps and Novartis , which continues through 2006. Final approval of the Scripps-Pfizer agreement is subject to the review of the National Institutes of Health, which provides a majority of Scripps' funding.
Jason Derry, Ph.D., who graduated with honors from DePaul University College of Law, is a molecular biologist and founding author of Patent Docs.