OSI gets full rights to cancer compound

OSI Pharmaceuticals (OSIP) received from partner Pfizer (PFE) a royalty-free license to develop and commercialize CP-358,774 ( OSI-774), a small molecule epidermal growth factor receptor ( EGFR) inhibitor that is in Phase II testing to treat ovarian, head and neck and non-small cell lung cancers. The compound was identified under the companies' 1986 cancer collaboration, and OSIP previously had been eligible to receive a royalty on PFE's sales of the compound. According to OSIP, PFE divested CP-358,774 to satisfy FTC requirements for PFE's completed merger with Warner-Lambert (WLA), which also is developing an EGFR inhibitor (PD 0183805). OSIP was up $8 (51 percent) to $23.813 on Monday. ...