Pfizer ends PDC deal with CytomX

CytomX Therapeutics Inc. (NASDAQ:CTMX) disclosed in its 4Q17 earnings that it received notification that Pfizer Inc. (NYSE:PFE) plans to terminate a 2013 deal to develop and commercialize up to four Probody drug conjugate candidates using CytomX's Probody platform to treat cancer. According to CytomX, Pfizer said is ending the deal because the pharma decided not to pursue the two remaining targets previously selected for development. CytomX said Pfizer previously discontinued the first target, EGFR, and declined an option to select a fourth target.

CytomX had been eligible for up to $263.5 million in license exercise option payments and developmental and sales milestones...