By Stephen Nakrosis
Biotechnology company Celcuity Inc. on Thursday said it entered a global licensing agreement with Pfizer Inc., receiving a worldwide license to develop and commercialize that company's gedatolisib.
Gedatolisib is in clinical development for the treatment of patients with certain types of breast cancer.
Under the terms of the deal, Celcuity said, it paid an upfront license fee of $5 million of cash and $5 million of its common stock. Pfizer is also eligible to receive up to $330 million of milestone payments and tiered royalties on potential sales, Celcuity said.
Gedatolisib is currently being evaluated in combination with palbociclib and either letrozole or fulvestrant in a Phase 1b clinical trial in patients with ER+/HER2-negative advanced or metastatic breast cancer, Celcuity said.
"Preliminary data from 103 patients in the expansion portion of a Phase 1b clinical trial demonstrated the drug was well tolerated and anti-tumor activity was noted," Celcuity said.
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(END) Dow Jones Newswires