| Pfizer signs 323m euro eye care deal | Posted on 03/03/2006 in Medical Company Restructures Pfizer has signed an agreement with French biotech firm NicOx to use its eye care technology.
The deal, worth 23 million euro in the first year and 300 million euro following potential milestones, will allow Pfizer to use NicOx's nitric-oxide donating technology in an ophthalmology drug discovery programme. Pfizer will retain exclusivity over any drug produced.
NicOx will receive 8 million euro upfront from Pfizer and 3 million euro for every year, which will also make a 15 million euro equity investment in the company subject to shareholder approval.
"We believe NicOx' nitric oxide-donating technology has the potential to generate promising new drug candidates for a broad range of eye diseases," said Martin Mackay of Pfizer.
"Our existing collaboration with NicOx has produced very encouraging results and we are pleased to now have exclusive access to NicOx' nitric oxide-donation technology in all ophthalmic indications to broaden our investigation of this important area."
Meanwhile, NicOx announced positive pre-clinical trial results from its collaboration with Pfizer to find effective treatments for glaucoma. The compound, yet to be named by NicOx, was found to be more effective than a selected reference drug.
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