Pfizer (NYSE: PFE ) and privately held BIND Therapeutics have entered into an agreement whereby Pfizer has the option to jointly develop and commercialize selected BIND Accurin technologies, according to a press release issued today. According to BIND, Accurins use a nanoengineering platform to better target diseased tissues and cells, enhancing drug concentrations and minimizing exposure to surrounding healthy areas.
The agreement calls for Pfizer and BIND to work together in conducting the pre-clinical research, Pfizer then has the option of selecting and developing the Accurins of its choice. If Pfizer exercises its option, BIND could receive upfront and milestone payments of totaling $50 million, and an additional $160 million, if certain regulatory and sales objectives are met. Tiered royalty payments based on future sales are also possible, according to the announcement.
Rod MacKenzie, Pfizer's senior vice president and head of pharmatherapeutics R&D, said, "We look forward to working with the team at BIND Therapeutics to create targeted Accurins with the aim of optimizing the therapeutic potential of future small molecules."