NEW YORK (GenomeWeb News) – FivePrime Therapeutics said today that it will use its protein library in cell-based assays and in vivo screens to find antibody targets and therapeutic protein candidates for Pfizer.
San Francisco-based FivePrime said that it would receive an up-front payment and equity investment from Pfizer and three years of committed research funding. In return, Pfizer gets exclusive worldwide rights to develop and commercialize certain products and targets discovered during the research term. The New York-based drug giant also would pay FivePrime royalties and milestone payments. Further terms and financial details were not disclosed.
FivePrime also said that its existing investors made a co-investment in conjunction with Pfizer’s equity purchase, though it did not disclose the details of that investment.