Medicus Pharma has entered a worldwide co-development and license agreement with Pfizer for CD228V, an early clinical-stage antibody-drug conjugate targeting melanotransferrin, according to a Form 8-K filed with the U.S. Securities and Exchange Commission.
Medicus paid Pfizer a nonrefundable $12 million upfront payment when the agreement took effect on Sept. 2. The company is also required to pay another nonrefundable $15 million on the first anniversary of the agreement.
Pfizer, meanwhile, paid Medicus $2 million in nonrefundable development funding. Medicus must use that payment solely for development activities related to CD228V and products incorporating the program.
Under the arrangement, Pfizer granted Medicus an exclusive, sublicensable worldwide license under specified Pfizer patent rights, along with a nonexclusive license to related platform patents and know-how. The licenses cover the development, manufacture and commercialization of CD228V for the treatment, prevention, diagnosis, control and maintenance of human diseases and disorders.
CD228V is an antibody-drug conjugate directed at melanotransferrin, also known as CD228. The SEC filing did not identify specific initial indications, trial timelines or development-stage data for the program.
Medicus will have sole authority and responsibility for development, manufacturing, regulatory approval and commercialization, as well as the associated costs. Pfizer will remain involved through a co-development structure, receiving Medicus’ development plans, budgets and progress reports and participating in periodic program discussions.
Pfizer is eligible for more than $1 billion in potential development, regulatory and sales milestones if all applicable milestones are achieved across multiple indications and commercial thresholds. Pfizer would also receive low double-digit tiered royalties on annual net sales during the applicable royalty term.
Pfizer has an option, but no obligation, to fund all or part of development beginning after the first pivotal trial for a product. Any such funding would require a separate agreement, and neither party is required to reach one.
The agreement also provides Pfizer a portion of certain proceeds associated with a change of control of Medicus, sublicensing or specified other strategic transactions involving the licensed program.
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