As reported in Xconomy, Theraclone was saved by a deal with Pfizer to license its I-STAR antibody discovery platform that could eventually be valued at up to $632 M. For this money, Pfizer has secured exclusive rights to 4 unnamed targets - two in infectious disease areas and two in cancer.
Theraclone's acting president, Steve Gillis, says that Theraclone will realize $189 to $252 M in near to mid-term milestones. Theraclone lost its president in June and has been increasingly challenged to raise venture funding in a tough economic and biotech investment environment.
A Pfizer vice president says the deal furthers its aims "to be on the leading edge of biotherapeutics and antibody discovery." I-STAR can quickly test tens of thousands of antibodies to find those with the most biologic activity - thus speeding Pfizer's drug development using the technology.
Posted by Bruce Lehr Jan 20th 2011.