Pfizer has once again demonstrated its zeal for biotech, inking a $250 million deal to in-license the worldwide rights to an experimental osteoarthritis therapy under development at Germany's Scil Technology. Scil has been developing a cartilage specific growth factor--CD-RAP--to regenerate tissue in degenerative joints. The companies didn't break out how the $250 million in potential rewards will be split among upfront fees and milestone payments.
"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.
- here's Pfizer's release
- read the AP report
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