Pfizer will pay Scripps Research Institute $20 million a year for five years to help develop new therapies for diabetes, cancer, mental diseases and other conditions. The deal marks a big payoff for Florida's decision to woo Scripps into establishing a new research center in the state with $310 million in support. Scripps officials also noted that they stand to earn royalties on any approved products, but were quick to add that they were years away from seeing any of that money. The pact--touted during the pharma giant's presentation to analysts yesterday--marries Scripps' research talent with Pfizer's ability to bring new products to market. And it gives Scripps a big annual revenue boost that it can use to hire new scientists and purchase new lab equipment. Pfizer will get first right of refusal on about half of the discoveries that emerge from Scripps.
- check out the press release on the new deal
- here's the report on the pact from the Sun-Sentinel
ALSO: Pfizer also told analysts that it planned to file for approval of torcetrapib next year. Report