Biotech Values

[DewDiligence]

PFE restricts PSDV collaboration to a Xalatan implant:

http://finance.yahoo.com/news/pSivida-and-Pfizer-Amend-bw-3607696945.html?x=0&.v=1

pSivida Corp (NASDAQ:PSDV) today announced it amended and restated its Research and Development Agreement with Pfizer Inc. to focus solely on the development of a long-term, sustained-release implant to deliver latanoprost for patients with ocular hypertension and glaucoma. The proposed implant is a bioerodible version of pSivida’s proprietary Durasert™ technology system and is designed to be injected into the subconjunctival space of the eye.

Under this revised agreement, Pfizer will make an initial payment of $2.3 million. pSivida will, with technical assistance from Pfizer, have the right to develop the glaucoma product candidate through Phase II clinical trials. At that point, Pfizer may exercise its option for an exclusive, worldwide license to develop and commercialize the product candidate in return for a $20 million payment, double-digit royalty payments on any sales of the product and additional development, regulatory and sales performance milestone payments of up to $146.5 million. If Pfizer does not exercise its option, pSivida will retain the right to develop and commercialize the glaucoma product on its own or with a partner.

The original Durasert collaboration between PFE and PSDV was struck in Apr 2007 (#msg-18492197). Xalatan was once Pharmacia’s second-biggest drug, but it now off-patent (#msg-61710255).