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Home Industry News Pfizer forms sodium ion channel alliance with Icagen

Pfizer forms sodium ion channel alliance with Icagen

15th August 2007

Icagen has announced that it has signed a global partnership agreement with Pfizer covering the discovery, development and marketing of compounds that modulate three specified sodium ion channels.

The companies will seek to develop these compounds as treatments for pain and similar disorders, with the firms combining resources to identify drugs that best target these channels.

According to the terms of the agreement, Pfizer will provide Icagen with $38 million (18.8 million pounds) in committed funding with this payment including an initial license fee of $12 million which can rise to $15 million through research and development funding and an equity commitment in the firm.

Following successful research, development, regulatory and marketing landmarks, Icagen can received up to $359 million for each product, in addition to further royalty payments.

P Kay Wagoner, president and chief executive officer of Icagen, said: “We are enthusiastic about entering into this collaboration with Pfizer.

“By combining one of our multi-target ion channel pain programs with similar programs at Pfizer, we believe that together our scientific teams will be well positioned to capitalise upon this exciting therapeutic opportunity.”

He added that with three different ion channel targets covered by the agreement, there exists a possibility for three unique products to arise from this collaboration.

Following the announcement of this partnership, Icagen reported that it has entered into a definitive purchase agreement with Pfizer, with Pfizer purchasing 2,688,172 shares of common stock in Icagen for the price of $1.86 per share.

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