BOSTON, April 4 (UPI) -- Australian firm pSivida said Wednesday it has entered into a $165 million research and licensing deal with Pfizer.
The agreement centers on pSivida's drug delivery technologies, including the ophthalmic technology Medidur.
Under the deal, pSivida will receive up to $155 million in development-and-sales-related milestones, and Pfizer will fund the cost of the joint research program.
Pfizer has also agreed to invest $5 million in ordinary shares of pSivida upon entering into the license agreement, with the funds held in escrow until use.
The pact gives Pfizer an exclusive license to market all resulting products, and it has agreed to pay pSivida a royalty on net sales. Under the agreement, Pfizer can end the agreement with 60 days' notice without cause.
