Pfizer, Heptares strike GPCR deal

The Heptares Therapeutics Ltd. subsidiary of Sosei Group Corp. (Tokyo:4565) entered a discovery partnership with Pfizer Inc. (NYSE:PFE) that would give the pharma exclusive, worldwide rights to therapeutics targeting up to 10 undisclosed GPCRs in multiple therapeutic areas. Pfizer also will purchase a $33 million equity stake in Sosei at a 25% premium to Sosei's average share price over the 20 days prior to the deal's close, expected in December.

Heptares received an undisclosed upfront payment and is eligible for $189 million in milestones per target, plus royalties. Pfizer will select the targets and will be responsible for development and commercialization. ...