By Donald Zuhn --
Bristol-Myers Squibb Co. and Pfizer Inc. announced today that the companies will be entering into two separate collaborations. In the first, the two companies will be working together to develop and commercialize Bristol-Myers Squibb's anticoagulant, apixaban. In the second, the collaboration will focus on the research, development, and commercialization of pre-clinical compounds identified in Pfizer's metabolic disorder discovery program.
With respect to the apixaban collaboration, Pfizer will be making an upfront payment of $250 million to Bristol-Myers Squibb and will be funding 60% of all future developmental costs. Under the terms of the agreement, Bristol-Myers Squibb could receive additional payments of up to $750 million from Pfizer depending on the attainment of development and regulatory milestones. With regard to the commercialization of apixaban, the companies will share expenses and profits/losses equally.
Apixaban is an inhibitor of factor Xa, which plays a role in the coagulation cascade. According to the Bristol-Myers Squibb release, apixaban has entered Phase III clinical trials to investigate the use of the compound to prevent venous thromboembolism (the process by which blood clots travel through the veins) and stroke in patients with atrial fibrillation (abnormal heart rhythm), and has entered Phase II clinical trials to investigate the use of the compound to treat acute symptomatic deep vein thrombosis and to prevent cardiovascular events in patients with acute coronary syndrome.
With respect to the metabolic disorder collaboration, Pfizer will be responsible for early-stage research and development, and the companies will jointly conduct Phase III development and commercialization activities. Under the terms of the agreement, Bristol-Myers Squibb will be making an upfront payment of $50 million to Pfizer and will be responsible for 40% of the expenses for Phase III development and commercialization. The companies will split profits/losses on a 60-40 basis, with Pfizer taking or assuming the larger share.
Additional information regarding the collaboration can be found in Bristol-Myers Squibb's press release and in Pfizer's press release.
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