Bristol-Myers Squibb and Pfizer announce anticoagulant, metabolic partnerships

Bristol-Myers Squibb has announced that it has signed a global partnership agreement with Pfizer for the development and commercialisation of apixaban. The compound was discovered by Bristol-Myers Squibb and is being tested as for the treatment and prevention of venous and arterial thrombotic diseases.

According to the terms of this agreement, Pfizer will pay Bristol-Myers Squibb an initial sum of $250 million (125.4 million pounds), in addition to 60 per cent of all development costs projected back to the start of this year.

Pfizer will also pay Bristol-Myers Squibb additional milestone payments of up to $750 million dependent on the compound attaining certain development and regulatory landmarks, while the companies will share marketing expenses for the drug.

The companies have also signed a second agreement relating to the research, development and commercialisation of compounds in advanced stages of pre-clinical development for the treatment of metabolic conditions as part of a Pfizer discovery programme.

Jeffrey B Kindler, chairman and chief executive officer of Pfizer, said: “We see significant opportunities for an orally-active anticoagulant with the clinical profile apixaban has demonstrated to date, particularly because of the clear need for new treatments to combat thrombosis and stroke.”

He added that this partnership exhibited the firm’s dedication to look for revenue opportunities externally in addition to the company’s own research and development efforts.

Last month, Pfizer announced the results of two economic analyses showing that patients receiving Lipitor (atorvastatin calcium) showed lower hospitalisation costs than those receiving generic medication.