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Pfizer, Beam Announce Up To $1.35 Bln, Exclusive Multi-year, Research Collaboration

Pharma major Pfizer Inc. (PFE), and Beam Therapeutics Inc. (BEAM), a company focused on genetic medicines through base editing, entered into an exclusive four-year research collaboration aimed at vivo base editing programs for three targets for rare genetic diseases of the liver, muscle, and central nervous system.

According to the terms of the deal, Beam will receive an upfront payment of $300 million and, assuming Pfizer exercises its opt-in license rights for all three targets, Beam is eligible for development, regulatory, and commercial milestone payments for potential total deal consideration of up to $1.35 billion.

Under the collaboration, which has an initial term of four years and may be extended up to one additional year, Beam is also eligible to receive royalties on global net sales for each licensed program.

Pfizer sees the collaboration as an opportunity to advance its next generation of gene editing therapies to transform the patients with rare genetic diseases.

As per the agreement terms, Beam will conduct all research activities through development candidate selection for three undisclosed targets, which are not included in Beam's existing programs.

Pfizer may opt in to exclusive, worldwide licenses to each development candidate, after which it will be responsible for all development activities, as well as potential regulatory approvals and commercialization, for each such candidate.

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