Pfizer and Scil Finalize Agreement for Novel Cartilage Growth Factor
Wednesday, January 16, 2008
NEW YORK & MARTINSRIED, Germany, Jan 16, 2008 (BUSINESS WIRE) -- PFE | news | PowerRating | PR Charts -- Pfizer Inc (NYSE:PFE) and Scil Technology GmbH (Scil) have signed a licensing agreement for worldwide collaboration on Scil's cartilage specific growth factor CD-RAP. Under this agreement, Pfizer will obtain a worldwide exclusive license to develop and commercialize CD-RAP. In addition to receiving royalties on the sale of any products that may be commercialised under this agreement, Scil is eligible for upfront and milestone payments of approximately U.S. $250 million depending on the achievement of various development and regulatory milestones.
"The successful conclusion of this license agreement with Pfizer increases the company's value", stated Dr. Weishui Weiser, managing director of Scil. "In addition, this is one more step towards achieving Scil's mission, improving the quality of patients' lives."
"We are pleased", added Dr. Volker Lang, vice president, Corporate Development of Scil. "We believe that having Pfizer as a partner advances Scil as an organisation capable of generating commercial value from scientific expertise."
"This partnership reflects Pfizer's ongoing commitment to pursue the best science anywhere on the globe and secure novel technologies and products that will complement our existing research programs," said Dr. Edmund Harrigan, senior vice president Worldwide Business Development. "We look forward to working with Scil on this collaboration and leveraging our combined resources to develop valuable new treatment options for patients with osteoarthritis."
Pfizer discovers and develops innovative medicines to treat and help prevent disease for both people and animals. We also partner with healthcare providers, governments and local communities around the world to expand access to our medicines and to provide better quality healthcare and health system support.
About Scil Technology GmbH
Scil Technology is a privately financed biopharmaceutical development company focused on dental and orthopedic tissue regeneration with a particular emphasis on bone and cartilage repair. The company's therapeutic candidates are based on recombinant human growth factors. These factors are combined with biodegradable biomaterials to generate local application forms. Scil Technology's pipeline for dentistry includes products that are targeted at periodontal disease, dental implantology and maxillofacial surgery. Orthopedic products are developed for treatment of traumatic lesions of bone and cartilage and osteoarthritis. Scil Technology is located in the biotechnology cluster in Martinsried, Germany.
Notes to Editor:
CD-RAP is a polypeptide that has been shown to play a crucial role during cartilage formation during embryonic development and in the matrix stimulation of chondrocytes in adult animals. Furthermore it has been shown to stimulate cartilage synthesis in in-vitro studies with chondrocytes obtained from patients suffering from osteoarthritis. These properties make rhCD-RAP a highly promising candidate for cartilage regeneration in indications such as chondral defects and osteoarthritis.
PFIZER DISCLOSURE NOTICE: The information contained in this release is as of January 16, 2008. Pfizer assumes no obligation to update any forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about a candidate for cartilage regeneration that involves substantial risks and uncertainties. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development; decisions by regulatory authorities regarding whether and when to approve any applications that may be filed for such product candidate as well as their decisions regarding labeling and other matters that could affect its availability or commercial potential; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and in its reports on Form 10-Q and Form 8-K.
SOURCE: Pfizer Inc
Scil Technology GmbH: Douglas Pretsell, +49 (0)89 57 00 18 06 [email protected] or Dr. Volker Lang, +49 (0)89 8565 1800 Mobile: 0172/8983311 [email protected] or Pfizer: Media Shreya Jani, 212-733-4889 or Investors Jennifer Davis, 212-733-0717