Pfizer agrees drug licensing deal with MingSight

Pfizer has agreed a new worldwide licensing deal with biopharmaceutical firm MingSight over the development of two new drug compounds.

The arrangement sees Pfizer receive an upfront fee and rights to milestone payments in exchange for two chemical entities with potential efficacy against eye diseases.

One of these drugs has demonstrated effectiveness against diabetic retinopathy in preclinical trials, while the second has shown similar promise in both in-vitro and in-vivo studies.

The two drugs will now be developed to the clinical trial stage by MingSight, with Pfizer receiving royalties for future sales of the products should they be successfully commercialised.

David Eveleth, vice-president of clinical development and medical affairs at Pfizer, said: "Partnering with companies like MingSight is part of our overall strategy for building a network of collaborators pursuing therapies for patients with ophthalmic diseases."

Earlier this month, it was announced that Pfizer is considering the sale of Capsugel in order to maximise the growth potential of both the business unit and the group as a whole.