Bristol-Myers Squibb and Pfizer Partner on Two Multimillion-Dollar Projects

Bristol-Myers Squibb and Pfizer inked two separate deals that could earn the former company up to $1 billion and the latter at least $50 million.

The first collaboration involves the joint development and commercialization of Bristol-Myers Squibb’s anticoagulant, apixaban. Phase III trials are currently under way investigating the use of apixaban in the prevention of venous thromboembolism, which includes deep vein thrombosis (DVT) and pulmonary embolism, and the prevention of stroke in patients with atrial fibrillation. Phase II studies are evaluating apixaban in the treatment of acute symptomatic DVT and for the secondary prevention of cardiovascular events in patients with acute coronary syndrome.

Pfizer will make an upfront payment of $250 million. It will fund 60% of all planned development costs effective January 1, 2007 going forward. Bristol-Myers Squibb could earn up to $750 million based on development and regulatory milestones. The companies will jointly develop the clinical and marketing strategy of apixaban and will share commercialization expenses, profits, and losses equally on a global basis.

In the second agreement, the companies will work together on the research, development, and commercialization of a Pfizer discovery program that includes advanced preclinical compounds with potential applications for the treatment of metabolic disorders, including obesity and diabetes.

Pfizer will be responsible for all research and early-stage development activities for the metabolic disorders program. The companies will jointly conduct Phase III evaluation and commercialization activities. Bristol-Myers Squibb will make an upfront payment of $50 million. The companies will share all development and commercialization expenses along with profits and losses on a 60%–40% basis, with Pfizer assuming the larger share.