Verastem, S*BIO, Eisai, Pfizer deal
Last week, cancer stem cell company Verastem provided a pipeline update and announced three deals. Pfizer granted Verastem exclusive, worldwide rights to develop and commercialize VS-6063 (formerly PF-04554878). The inhibitor of focal adhesion kinase (FAK) completed a Phase I trial in advanced solid tumors. Pfizer will receive $1.5 million up front, as well as 192,012 Verastem shares valued at $2 million based on the Verastem's close of $10.19 on July 11, the day the deal was announced. Pfizer is eligible for up to $2 million in development milestones, and up to $125 million in regulatory and commercialization milestones. The pharma is also eligible for royalties. Verastem plans to start Phase II testing for VS-6063 to treat mesothelioma in mid-2013. Verastem said positive Phase II results could be an opportunity for accelerated approval.
Verastem also announced that it partnered with Eisai to discover next-generation small molecule Wnt inhibitors to treat cancer. Verastem will own discovered products, while Eisai has a right of first negotiation. Eisai is eligible for royalties. Verastem said at its R&D day that it postponed development of VS-507, a proprietary formulation of salinomycin and one of the company's lead programs at the time of its January IPO, and instead will focus on developing new Wnt inhibitors and VS-507 analogs under the 12-month deal with Eisai. Verastem said clinical resources that were slated for VS-507 will be dedicated to VS-6063 (see BioCentury, Jan. 30). ...