Perth-based biotechnology company pSivida Ltd has signed a collaborative research and license agreement with pharmaceutical giant Pfizer Inc worth $203 million for its drug delivery technologies.
Perth-based biotechnology company pSivida Ltd has signed a collaborative research and license agreement with pharmaceutical giant Pfizer Inc worth $203 million for its drug delivery technologies.
Under the agreement, the companies will work together in a joint research program funded by Pfizer to develop opthalmic medicinal products using the pSivida's Medidur device, currently being studied for its applications in treatment of Diabetic Macular Edema.
pSivida will receive up to $191 million as it reaches development and sales milestones across the trial.
In addition to this, Pfizer will purchase $6.1 million of pSivida shares upon entering the license agreement, to be held in escrow until the proceeds can be used to pay off a convertible loan to the company from its principal institutional lender, Sandell Asset Management Group.
If the loan is not paid off, Pfizer may elect to cause pSivida to return the money, in which case the licence agreement would terminate.
The full text of a company announcement is pasted below