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Avant, Pfizer cancer licensing deal clears regulators

By Associated Press
May 21, 2008 | Comments (0)

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Avant Immunotherapeutics Inc. said Wednesday the Federal Trade Commission approved a deal to license the rights to a brain cancer vaccine drug to Pfizer Inc.

Pfizer and Avant announced the deal last month. Under the terms, Pfizer will pay a $40 million upfront payment plus a $10 equity investment in the company. Avant is also eligible to receive milestone payments of $390 million, not including sales royalties.

The drug, CDX-110, is currently is midstage development at Avant's Celldex Therapeutics unit to treat gliblastoma, the most common type of brain cancer.

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