Codexis Receives First Milestone Payment in Pfizer Therapeutics Collaboration

03-Jun-2005

Codexis, Inc. announced it has received the first milestone payment from Pfizer under a research collaboration established in July 2004 focused on applying Codexis' proprietary process research and development platform to some of Pfizer's small molecule therapeutics. The objective of the collaboration is to rapidly generate novel biocatalysts for use in manufacturing of Pfizer's products, improving Pfizer's R&D productivity while reducing the environmental footprint and manufacturing costs of the ultimate production processes. Financial terms were not disclosed.

The multi-year, non-exclusive agreement includes upfront payments, technology access fees and milestone payments to Codexis, which could total up to $40 million over the first few years of the agreement. The collaboration may involve multiple projects per year, with each product generating milestone payments, as well as ongoing commercial payments on sales. If successful, the collaboration could generate additional milestones and commercial payments. Under the agreement announced last year, Pfizer also made a strategic investment of $10 million in Codexis.

Pfizer is incorporating Codexis' proprietary technologies into the process development and manufacturing of its human therapeutics. The Codexis technology can significantly lower pharmaceutical manufacturing costs, increase process development productivity and create novel intellectual property opportunities for Pfizer products. In addition, processes using Codexis' technology have the potential to dramatically improve environmental impact and enhance product quality by reducing impurities, unwanted by-products and hazardous wastes.

https://www.bionity.com/en/news/46495/codexis-receives-first-milestone-payment-in-pfizer-therapeutics-collaboration.html