Under the terms of the agreement, Icagen and Pfizer will combine resources to identify compounds that target these three ion channels in a global R&D collaboration. The companies will form a joint research committee to monitor and oversee the collaboration.
Pfizer will fund all aspects of the collaboration including the research and preclinical development efforts at Icagen and will have exclusive worldwide rights to commercialize products that result from the collaboration. In addition, in connection with the collaboration Pfizer will make an equity investment in Icagen.
The ion channel targets included in the collaboration are important in the generation of electrical signals in nerve fibers that mediate the initiation, transmission and sensation of pain. In preclinical studies, compounds identified by Icagen have demonstrated efficacy in pain models. Icagen says it has also established a broad portfolio of intellectual property in this area, covering multiple promising compounds targeting sodium channels.
“Given that there are three different ion channel targets in the collaboration, we believe that there is a possibility for at least three unique products to emerge from this joint effort,” said P. Kay Wagoner, president and CEO of Icagen.
Under the terms of the agreement, Pfizer will provide $38 million in committed funding to Icagen over the first two years of the collaboration, including an initial upfront license fee of $12 million, up to $15 million through an equity commitment, and R&D funding. Additionally, Icagen is eligible to receive $359 million in research, development, regulatory and commercialization milestones for each product.