CytomX, Pfizer in deal for Probody-drug conjugates

CytomX Therapeutics Inc. (South San Francisco, Calif.) partnered with Pfizer Inc. (NYSE:PFE) to develop and commercialize multiple Probody-drug conjugates (PDCs) in undisclosed cancer indications. The companies will use CytomX's Probody platform and Pfizer's capabilities in antibody-drug conjugates (ADCs) and will jointly conduct preclinical research. Pfizer will have exclusive, worldwide rights to develop and commercialize to selected PDCs. CytomX will be eligible to receive up to about $25 million in an undisclosed upfront payment, research reimbursement and preclinical milestones. The company also is eligible for up to about $610 million in regulatory and sales milestones, plus tiered royalties. ...