Boston, MA 06/13/2014 (wallstreetpr) – Pfizer Inc. (NYSE:PFE) and X-Chem, which is a privately owned biotechnology company, on June 11, 2014 announced that they entered into a multi-target collaboration with each other. The main objective of the collaboration is potential development of various programs for treating orphan and inflammatory diseases. The financial details of the agreement between the two were not unveiled.
Terms of Agreement
As per the terms of the agreement between Pfizer Inc. (NYSE:PFE) and X-Chem, the latter will apply its discovery engine in order to identify the new leads for all the programs of Pfizer. The discovery engine of X-Chem will leverage the proprietary DNA-encoded small molecule library as well as high diversity library to reach this goal.
Under the agreement, Pfizer will get access to an exclusive option for licensing any compound that is generated during this collaboration.
Statement from Senior Vice President, Worldwide Medicinal Chemistry, Pfizer
The Senior Vice President, Worldwide Medicinal Chemistry, Pfizer Inc. (NYSE:PFE), Tony Wood said that making use of the highly diverse and ultra-large DNA-encoded small molecule libraries has become a latest technology which also has a potential of generating those leads which are important for difficult targets of vital importance. He added that their company was keen to find out about new technologies which can help them in expanding the existing pipeline of innovative medicines. Tony Wood expressed his delight to initiate the collaboration with X-Chem, which will give Pfizer an access to innovative lead generation approach of X-Chem.
Statement from Ph.D., Chief Executive Officer of X-Chem
The Ph.D., Chief Executive Officer of X-Chem, Rick Wagner said that their company was undergoing expansion of X-Chem’s library, informatics capabilities, and screening expertise and therefore, X-Chem continues to discover lead molecules to high value and challenging therapeutic targets.
He added that the vision of Pfizer Inc. (NYSE:PFE) was to enable breakthroughs in treatment of those diseases which has high unmet medical need and this can be done by partnering the company’s lead discovery engine with leaders in the pharmaceutical industry.
