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GEN News Highlights : Jan 8, 2007

Discovery Deal with Pfizer Could Earn PTC $121M in Milestones

PTC will apply gene expression modulation technology to develop pharmaceuticals.

PTC Therapeutics (PTC) entered into an exclusive research collaboration and licensing agreement with Pfizer for the development of pharmaceuticals through the application of PTC's GEMS (Gene Expression Modulation by Small Molecules) technology.

Under the terms of the agreement Pfizer has made an initial upfront payment of $10 million, will purchase an equity stake of equal value, and provide funding for PTC's research efforts. At Pfizer's option, the collaboration may include up to 10 targets, and PTC could earn up to $121 million in milestones per target. Pfizer will receive exclusive worldwide rights and pay PTC royalties on net sales of any products resulting from this collaboration.

GEMS is PTC's technology platform for the identification of small molecules that modulate post-transcriptional control mechanisms.