Pfizer (PFE) has signed a deal with French biotech firm Cellectis to develop immunotherapy drugs for cancer. The latter is developing Chimeric Antigen Receptor T-cell immunotherapies using engineered cells from a single donor for use in multiple patients.
The agreement includes an an initial lump sum of $80M, as well as payment allocated towards research costs. Cellectis will also be entitled to receive development, regulatory and commercial milestone payments of up to $185M per Pfizer product, and royalties on any eventual sales.
Pfizer is also purchasing a 10% stake in Cellectis through newly issued €9.25 shares.