Pfizer has agreed to pay $40 million up front and a total of up to $803 million to license CCR2 antagonists being developed by Incyte. Pfizer is also buying $20 million in convertible notes and outlined milestone payments of $743 million for successful commercialization. The CCR2 antagonists are in mid-stage trials for rheumatoid arthritis and insulin-resistant obese patients. They are designed to suppress inflammation. In the deal, Incyte retains the rights to the compound for multiple sclerosis and an undisclosed indication. Pfizer obtains the rights for all other uses.
- read this AP report for more