Biotech Values

[DewDiligence]

Heptares inks GPCR drug-discovery deal with PFE:

http://finance.yahoo.com/news/heptares-enters-strategic-drug-discovery-100000218.html

Heptares Therapeutics, the clinical-stage GPCR structure-guided drug discovery and development company and wholly-owned subsidiary of Sosei Group Corporation, announces that it has entered into a strategic drug discovery collaboration with Pfizer Inc. to research and develop potential new medicines directed at up to 10 G protein-coupled receptor (GPCR) targets across multiple therapeutic areas

...Pfizer will be responsible for developing and commercialising any potential therapeutic agents (small molecules or biologics derived from StaR antigens) for each target and will have exclusive global rights to any potential resulting agents.

Heptares will receive an initial payment on signing the agreement in return for delivering certain StaR proteins and structures for targets selected by Pfizer that it has already generated.
Heptares is eligible to receive potential research, development, regulatory and commercial milestone payments of up to USD189 million per target. In addition, Heptares is eligible to receive potential tiered royalties on the net sales of any products that are commercialised by Pfizer.

In addition, Sosei and Pfizer Seiyaku KK [PFE’s Japanese subsidiary] have entered into an equity agreement under which Pfizer KK will purchase USD33 million of newly issued Sosei common stock at a premium of 25% to the average closing price during the 20-day period prior to the closing date. The closing is expected to be in December 2015.

For Sosei/Hepatres, this is the second collaboration with a major drug company in the past five days—the first was with TEVA (#msg-118748243).