Eyetech, Pfizer Macugen deal

Eyetech (New York, N.Y.) and PFE partnered to develop and market Eyetech's Macugen pegaptanib VEGF-binding aptamer to treat age-related macular degeneration (AMD) and diabetic macular edema (DME). Eyetech will receive $100 million in initial payments, and is eligible for $195 million in milestones based on worldwide regulatory submissions and approvals. Eyetech also may receive up to $450 million in milestones contingent upon marketing and sales levels. PFE will fund most of the ongoing development costs in the two indications. Eyetech will record sales in the U.S., where the partners will co-promote the product. The companies would not disclose the ratio used to split the co-promotion revenues. Outside the U.S., PFE will market the product under a royalty-bearing license. ...