Transaction covering mid-stage vaccine with potential for development in other indications is worth over $440 million in total.
Pfizer has gained rights to Avant Immunotherapeutics’ Phase II brain cancer vaccine, CDX-110, in a deal worth about $440 million. Pfizer will initially pay $40 million for the exclusive, worldwide license to CDX-110, which targets EGFRvIII. The agreement also gives Pfizer the ability to leverage EGFRvII vaccines in other indications.
Additionally, Pfizer will make a $10 million equity investment in Avant. Pfizer will pay milestone fees over $390 million for the successful development and commercialization of CDX-110 and additional vaccine products as well as double-digit royalties on any sales. Pfizer will fund all development costs for these programs.
Avant obtained CDX-110 through its merger with Celldex Therapeutics in October 2007. The current mid-stage study is evaluating the immunotherapy in glioblastoma multiforme (GBM). The vaccine targets the tumor-specific molecule EGFRvIII, a functional variant of the epidermal growth factor receptor (EGFR). EGFRvIII is only expressed in cancer cells and not in normal tissue and is a oncogene that directly contributes to cancer cell growth in about 40% of GBM tumors, according to the firms.