In addition to up-front equity payment, Pfizer could earn $225 million in milestones.
Clovis Oncology will take over global product development and commercialization of PF-01367338, Pfizer’s anti-cancer agent. Pfizer will receive an up-front license fee payable through Clovis equity and is eligible to $255 million upon Clovis Oncology’s successful attainment of development, regulatory, and sales milestones.
Pfizer will also receive royalties on any product sales. In addition, Pfizer Venture Investments, the venture capital arm of Pfizer, will make a separate equity investment in Clovis Oncology.
PF-01367338 is an orally active, small molecule inhibitor of PARP. Clovis will test the compound as a monotherapy as well as in combination with chemotherapeutic agents for the potential treatment of selected cancer patients.
“We are particularly attracted to this compound because its profile suggests not only that it could be used in combination with chemotherapy but could potentially be used as monotherapy for the long-term management of disease,” says Patrick J. Mahaffy, Clovis’ president and CEO.
PF-01367338 is currently in a Phase I trial examining oral PF-01367338 in combination with intravenous platinum chemotherapy in the treatment of solid tumors. The program is supplemented by two ongoing trials, currently using the IV formulation: a Phase I/II study in gBRCA breast and ovarian cancer and a Phase II study in the adjuvant treatment of triple negative breast cancer. Clovis Oncology says that it intends to replace the IV formulation with the oral formulation in these studies.