Pfizer Inc (NYSE:PFE) and Scil Technology GmbH (Scil) have signed a licensing agreement for worldwide collaboration on Scilâs cartilage specific growth factor CD-RAP. Under this agreement, Pfizer will obtain a worldwide exclusive license to develop and commercialize CD-RAP. In addition to receiving royalties on the sale of any products that may be commercialised under this agreement, Scil is eligible for upfront and milestone payments of approximately U.S. $250 million depending on the achievement of various development and regulatory milestones.
"The successful conclusion of this license agreement with Pfizer increases the company's value", stated Dr. Weishui Weiser, managing director of Scil. "In addition, this is one more step towards achieving Scil's mission, improving the quality of patients' lives."
"We are pleased", added Dr. Volker Lang, vice president, Corporate Development of Scil. "We believe that having Pfizer as a partner advances Scil as an organisation capable of generating commercial value from scientific expertise."
"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. "We look forward to working with Scil on this collaboration and leveraging our combined resources to develop valuable new treatment options for patients with osteoarthritis."
About Pfizer
Pfizer discovers and develops innovative medicines to treat and help prevent disease for both people and animals. We also partner with healthcare providers, governments and local communities around the world to expand access to our medicines and to provide better quality healthcare and health system support. For more information, please visit www.pfizer.com.
About Scil Technology GmbH
Scil Technology is a privately financed biopharmaceutical development company focused on dental and orthopedic tissue regeneration with a particular emphasis on bone and cartilage repair. The company's therapeutic candidates are based on recombinant human growth factors. These factors are combined with biodegradable biomaterials to generate local application forms. Scil Technology's pipeline for dentistry includes products that are targeted at periodontal disease, dental implantology and maxillofacial surgery. Orthopedic products are developed for treatment of traumatic lesions of bone and cartilage and osteoarthritis. Scil Technology is located in the biotechnology cluster in Martinsried, Germany. For more information, please visit www.sciltechnology.com.