Pfizer and Taisho sign letter of intent

Source: Healthcare Digital

Date :30/10/2007 10:33:37

Pfizer Inc said on Tuesday that it and Taisho Pharmaceutical Co have signed a letter of intent in regard to Taisho's schizophrenia drug TS-032.

The letter of intent relates to a proposed license agreement regarding rights for development and commercialization of the substance outside Japan.

Through the proposed license agreement, Taisho would grant exclusive development and commercialization rights outside Japan for TS-032-in its pre-clinical stage- to New York-based Pfizer.

If the license agreement is signed, Taisho will receive an initial payment of $22 million from Pfizer.

Taisho will also receive milestone payments tied to progress of development, as well as royalties and milestone payments tied to sales if TS-032 is approved by regulatory authorities and launched, the company added.

October 30 2007

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