Pfizer Signs $632m Deal for Biotech

January 21, 2011 | Pfizer is paying $632 million in a research collaboration with Theraclone Sciences, a Seattle-based biotech working on antibody drugs for cancer and infectious diseases. Neither company would specify the financing timeline, but Steven Gillis, interim chief exeutive of Theraclone, said that 30 to 40% of the deal was "near-term money." Upfront fees will pay for access to Theraclone technology for two unspecified targets in oncology and two unspecified goals in infectious disease. Seattle Times