According to The Australian Financial Review, Melbourne-based Cancer Therapeutics Co-operative Research Centre has struck a blockbuster research partnership with global pharmaceuticals giant Pfizer that could eventually be worth as much as $US460 million ($650 million).
Cancer Therapeutics Co-operative Research Centre (CTx CRC) will earn an upfront fee of $US14 million for granting Pfizer rights to develop and exploit two pre-clinical cancer programs initiated at the Parkville based CRC, which focuses on small molecule drug discovery and works with a host of blue-chip research partners.
If the two programs – which target proteins that drive the development of solid and blood-borne cancers – hit development and sales goals CTx will earn up to $US460 million in milestone payments, as well as royalties on any commercial sales.
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