Pfizer invests in FivePrime for diabetes, cancer treatments

SAN FRANCISCO Pfizer has taken an equity investment in FivePrime Therapeutics as part of a new research and licensing deal to find antibody targets and therapeutic protein products to treat diabetes and cancer, according to published reports.

FivePrime, a preclinical stage company expected to file an investigational new drug application for its lead oncology compound within the next six weeks, will receive an upfront payment and the equity investment from Pfizer. It also will get three years of committed research funding.

The deal is one of the first by Pfizer’s new Biotherapeutics and Bioinnovation Center. The center is trying to boost the company’s pipeline by acquiring companies with promising drug developments.

Pfizer will have exclusive worldwide rights to develop and commercialize certain products and targets that are discovered, while FivePrime will receive future milestone and royalty payments.

The deal helps FivePrime take several of its potential cancer products into clinical trials while expanding its discovery work, said president and chief executive officer Gail Maderis.

The companies did not disclose figures for those aspects of the deal.