Pfizer, Heptares Sign GPCR Pact

Heptares Therapeutics, a clinical-stage biopharmaceutical company and wholly owned subsidiary of Sosei Group Corporation, have formed a strategic drug discovery collaboration with Pfizer to research and develop potential new medicines directed at up to 10 G protein-coupled receptor (GPCR) targets across multiple therapeutic areas.

Heptares will use its proprietary GPCR structure-guided platform to help deliver stabilized GPCRs (StaR proteins), high-resolution crystal structures, and other technologies to support the discovery of potential agents directed to the GPCR targets selected by Pfizer. Pfizer will be responsible for developing and commercializing any potential therapeutic agents (small molecules or biologics derived from StaR antigens) for each target and will have exclusive global rights to any potential resulting agents.

Heptares will receive an initial payment on signing the agreement in return for delivering certain StaR proteins and structures for targets selected by Pfizer that it has already generated. Heptares is eligible to receive potential research, development, regulatory, and commercial milestone payments of up to $189 million per target. In addition, Heptares is eligible to receive potential tiered royalties on the net sales of any products that are commercialised by Pfizer.

In addition, Sosei and Pfizer Seiyaku KK have formed an equity agreement under which Pfizer Seiyaku KK will purchase $33 million of newly issued Sosei common stock at a premium of 25% to the average closing price during the 20-day period prior to the closing date. The closing is expected to be in December 2015. The investment will represent approximately 3.02% of the enlarged Sosei share capital and is subject to review by Japanese financial authorities.

Source: Heptares Therapeutics

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