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April 26, 2007
SAN FRANCISCO, CA, April 26, 2007 — Bristol-Myers Squibb Company and Pfizer Inc. today announced a worldwide collaboration to develop and commercialize apixaban, an anticoagulant discovered by Bristol-Myers Squibb being studied for the prevention and treatment of a broad range of venous and arterial thrombotic conditions. 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. Covington & Burling LLP represented Pfizer in the deal.
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 January 1, 2007 going forward, and Bristol-Myers Squibb will fund 40%. Bristol-Myers Squibb may also receive additional payments of up to $750 million based on development and regulatory milestones. The companies will jointly develop the clinical and marketing strategy of apixaban, and will share commercialization expenses and profits/losses equally on a global basis.
Pfizer will be responsible for all research and early-stage development activities for the metabolic disorders program, and the companies will jointly conduct Phase III development and commercialization activities. Bristol-Myers Squibb will make an upfront payment of $50 million to Pfizer as part of this agreement. The companies will share all development and commercialization expenses along with profits/losses on a 60%-40% basis, with Pfizer assuming the larger share of both expenses and profit/losses.
Bristol-Myers Squibb is a global pharmaceutical and related healthcare products company whose mission is to extend and enhance human life. Pfizer discovers and develops innovative medicines to treat and help prevent disease for both people and animals.
The Covington team included corporate life sciences partner Jim Snipes and associate Amy Toro.
With a life sciences industry group numbering more than 150 lawyers, Covington “is one of the few firms to have developed a genuinely transatlantic full-service life sciences practice, with hubs on both the East and West Coasts of the US, and in London and Brussels,” according to Practical Law Company, which has consistently ranked Covington as the top life sciences industry law firm in the world.