Pfizer And Crown Bioscience Announce A Collaboration To Research And Develop New Treatments For Asian Cancers
SANTA CLARA, Calif. & NEW YORK--(BUSINESS WIRE)--Dec 9, 2009 - Pfizer (PFE) and Crown Bioscience, Inc. (Crown) announced today that they have entered into a collaboration to research and develop novel therapeutics for Asian cancers. Specific treatments for Asian cancers represent an important unmet medical need as well as a significant market opportunity.
Under the terms of this agreement, Crown will receive an upfront payment and research funding, as well as milestone payments based on the achievement of preclinical and clinical goals.
The companies will work together to discover and advance multiple candidates for clinical development. The work will take place at Crown's new research facility located in Taicang (near Shanghai), China.
“I am delighted to be collaborating with Pfizer's exceptional oncology group,” says Alex Wu, CEO of Crown. “I am also very happy that Pfizer is focusing on and dedicating resources to address a very important unmet medical need for the Asian populations. This new collaboration extends an already very successful partnership between Crown and Pfizer and further demonstrates Crown's commitment to becoming an outstanding cancer research company in Asia.”
“We are delighted to be working closely with Crown to implement a focused drug discovery and development strategy relating to the tumors most prevalent in the Asia region,” says Neil Gibson, Chief Scientific Officer of Pfizer's Oncology Research Unit. “By doing so, we believe we can capitalize on the oncology expertise of Crown and enhance our ability to bring novel therapeutics to the marketplace that will benefit cancer patients in Asia.”
Crown Bioscience, Inc. is a U.S.-based drug discovery service company with R&D facilities in China committed to advancing anti-cancer therapeutics through the preclinical and drug development stages. Its proprietary CrystalClearTM and HuPrime™ platforms enable unique lead optimization and translational oncology strategies to deliver better clinical candidates. Our multi-disciplinary team of experts provides an integrated service solution from your idea to your IND, including: preclinical, translational, and clinical capabilities.
Pfizer Inc.: Working together for a healthier world™
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
PFIZER DISCLOSURE NOTICE: The information contained in this release is as of December 4, 2009. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information that involves substantial risks and uncertainties about a collaboration between Pfizer and Crown Bioscience, Inc. to research and develop treatments for cancers that are prevalent in Asia. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development; decisions by regulatory authorities regarding whether and when to approve any drug applications that may be filed for any such treatments as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such treatments; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and in its reports on Form 10-Q and Form 8-K.
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Posted: December 2009