Pfizer Inc and Scil Technology GmbH (Scil) have signed a licensing agreement to develop and commercialise CD-RAP, Scil's cartilage specific growth factor.
Under this agreement, Pfizer will obtain a worldwide exclusive license to develop and commercialise CD-RAP. In addition to receiving royalties on the sale of any products that may be commercialised under this agreement, Scil is eligible for upfront and milestone payments of approximately US $250 million depending on the achievement of various development and regulatory milestones.
"The successful conclusion of this license agreement with Pfizer increases the company's value", stated Dr. Weishui Weiser, managing director, Scil. "In addition, this is one more step towards achieving Scil's mission, improving the quality of patients' lives."
CD-RAP is a polypeptide that has been shown to play a crucial role during cartilage formation during embryonic development and in the matrix stimulation of chondrocytes in adult animals. Furthermore it has been shown to stimulate cartilage synthesis in in-vitro studies with chondrocytes obtained from patients suffering from osteoarthritis. These properties make rhCD-RAP a highly promising candidate for cartilage regeneration in indications such as chondral defects and osteoarthritis.
"This partnership reflects Pfizer's ongoing commitment to pursue the best science anywhere on the globe and secure novel technologies and products that will complement our existing research programs," said Dr. Edmund Harrigan, senior vice president Worldwide Business Development. "We look forward to working with Scil on this collaboration and leveraging our combined resources to develop valuable new treatment options for patients with osteoarthritis."
Scil Technology is a privately financed biopharmaceutical development company focused on dental and orthopedic tissue regeneration with a particular emphasis on bone and cartilage repair. The company's therapeutic candidates are based on recombinant human growth factors.