Phylogica signs peptide vaccines deal with Pfizer

Perth drug developer Phylogica has signed a licensing and collaboration agreement with Pfizer which will see the two companies work together to develop novel peptide-based vaccines.

The work is to be based on Phylogica’s proprietary Phylomer drug discovery platform.

Under the terms of the deal Pfizer will have the option to license any Phylomers resulting from the collaboration for further research, in addition to receiving rights to develop and commercialise any novel peptide-based vaccines derived from them.

In return, Phylogica receives an upfront payment of US$500,000 and becomes eligible to receive a commercial license payment in addition to receiving preclinical, clinical and other milestone payments up to US$134 million as well as royalties from worldwide sales.

“The alliance supports the potential utility of Phylogica’s Phylomer drug discovery platform for peptide-based drug discovery,” said Dr Paul Watt, founder and CEO of Phylogica.

Phylogica’s shares closed up 10 percent to $0.06 today after surging as high as 45 percent in late morning trade.