Pfizer Forms Cancer Collaboration with Crown Bioscience

| About: Pfizer Inc. (PFE)

Crown Bioscience, a pre-clinical CRO providing biology services for oncology indications, will collaborate with Pfizer (NYSE: PFE) to research and develop novel drugs for cancers that are prevalent in Asia and remain unaddressed medical needs. Crown will receive an upfront payment and research funding, as well as milestone payments upon achieving preclinical and clinical goals. The companies did not disclose specific financial details of their arrangement.

Crown, which is headquartered in Santa Clara, CA, has labs in Carmel, IN, Beijing and Taicang (near Shanghai), the company’s newest facility. The Taicang lab will carry out the work for Pfizer, which will be to discover and advance multiple candidates for clinical development. Crown held a Grand Opening for the new lab this past Sunday. It was attended by 100-200 guests, including many of Pfizer's senior executives. Steve Yang, PhD, Vice-President of Pfizer and Head of R&D-Asia was one of the attendees.

Alex Wu, CEO of Crown, pointed out that the new collaboration builds on “an already successful partnership between Crown and Pfizer.”

Crown breaks down its services into four categories: Protein Science, Cell Biology, Animal Pharmacology and Translational Research. In the Pfizer collaboration, the company will apply at least two proprietary discovery platforms, CrystalClearTM, which produces proteins and crystallizes target proteins, and HuPrime™, the company’s collection of primary human tumor xenografts.

Founded in April 2006, Crown’s Series A funding was sourced from three Silicon Valley VC firms. Its Series B capital raise, concluded in July 2008, was a “much larger round,” according to the company and expanded the company’s investor base. Crown lists its institutional investors as Acorn Campus Ventures, Harbinger, Qiming Venture Partners, Chinese Renaissance Capital Investment and WR Hambrect+Co.

Disclosure: none.

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