In a separate agreement, the companies will also collaborate on the research, development and commercialization of a Pfizer discovery program which includes advanced preclinical compounds with potential applications for the treatment of metabolic disorders, including obesity and diabetes.
Phase III trials are currently underway investigating the potential use of apixaban in the prevention of venous thromboembolism (VTE), which includes deep vein thrombosis (DVT) and pulmonary embolism (PE), and the prevention of stroke in patients with atrial fibrillation (AF).
Terms of the apixaban agreement include an upfront payment of $250 million by Pfizer to Bristol-Myers Squibb. Pfizer will fund 60% of all planned development costs effective and Bristol-Myers Squibb will fund 40%. Bristol-Myers Squibb may also receive additional payments of up to $750 million based on milestones. The companies will jointly develop the clinical and marketing strategy of apixaban.
“By combining our company's long-standing strengths in cardiovascular drug development and commercialization with Pfizer's global scale and expertise in this field, we can maximize the potential benefits of apixaban for patients. In addition, the metabolic disorders program complements existing research efforts in another area of significant unmet medical need where Bristol-Myers Squibb is quite active,” said Jim Cornelius, CEO, Bristol-Myers Squibb.