Pfizer (PFE: 18.6524, 0.4624, 2.54%) unveiled a deal worth up to $115 million Tuesday to acquire the rights to Protalix’s (PLX: 9.04, -0.79, -8.04%) Gaucher’s drug.
The drug giant agreed to make an upfront payment of $60 million for the drug, which is called taliglucerase alfa. The companies said Pfizer will receive exclusive worldwide licensing rights for the commercialization of the drug, but that Protalix will keep exclusive commercialization rights in Israel.
Pfizer also said it could make up to $55 million in additional milestone payments for the drug.
Gaucher’s disease is an inherited condition that causes an enzyme deficiency that often results in spleen and liver enlargement, anemia, excessive bleeding and bruising and bone disease.
“We are excited about this collaboration, which represents a significant step towards bringing, for the first time, a plant-based enzyme replacement treatment option to patients affected by Gaucher’s disease,” Protalix CEO David Aviezer said in a statement.
Protalix said it is preparing to complete a rolling new drug application with the U.S. Food and Drug Administration. The FDA has given the drug orphan drug and fast track status, which allows for an expedited review of drugs that treat rare conditions or diseases.
The companies said they will split future revenues and expenses for the development and commercialization of taliglucerase alfa on a 60%/40% basis.
The news wasn’t received well by Protalix’s shareholders as the company’s stock tumbled to $8.69 in the premarkets after closing at $9.86 on Monday. Pfizer’s stock inched higher to $18.30 after closing at $18.17 on Monday.
“By joining our advances in biologics manufacturing and protein development with Pfizer’s global strengths in patient services and reimbursement we expect to help make taliglucerase alfa an important and cost-effective treatment choice for Gaucher’s patients throughout the world,” said Aviezer.
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