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Under the terms of an agreement with Pfizer, WAVE will advance up to five programs from discovery through the selection of clinical candidates.
WAVE Life Sciences has entered into a research, license, and option agreement with Pfizer for the potential development of nucleic acid therapies aimed at silencing the underlying causes of metabolic diseases, the company said in an May 5, 2016 press announcement.
According to WAVE, the collaboration will focus on genetically defined targets. Under the terms of the agreement, WAVE says it will advance up to five programs from discovery through to the selection of clinical candidates, at which point, Pfizer may elect to exclusively license the programs and undertake further development and potential commercialization. Two targets have been declared upon initiation of the agreement, including WAVE’s Apolipoprotein C-III program, with the remaining targets to be declared within eighteen months. WAVE has also received rights to Pfizer's hepatic targeting technology, which WAVE may elect to use for hepatic programs beyond the collaboration.
According to the agreement, Pfizer agreed to pay $40 million upfront, $30 million of which is in the form of an equity investment in WAVE at a price of $16 per share. In addition, assuming five potential products are successfully developed and commercialized, WAVE may earn up to $871 million in potential research, development, and commercial milestone payments from Pfizer, plus royalties, tiered up to low double-digits, on sales of any products that may result from the collaboration.
Source: WAVE Life Sciences