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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