Pfizer breaks off a 5-year, $635M collaboration deal with CytomX, with nothing to show for it
After lining up a couple of big biopharma collaborations with large upfront payments in 2017, CytomX $CTMX is getting this year started by bidding one of its first Big Pharma partners so long.
The South San Francisco-based biotech says that Pfizer $PFE notified them yesterday that they are dropping out of the Probody deal, discarding its latest two targets after dumping the first on EGFR and never going after the fourth. The deal, which started out with a $25 million upfront payment and a large $610 million package of milestones, had helped validate CytomX’s platform tech on armed antibodies. Pfizer was looking for safer versions of Erbitux and Vectibix.
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