Pfizer Inc. (PFE) Grabs Autoimmune Diseases Drug Rights From Gliknik Inc. for $25 Million Upfront
9/30/2013 6:51:34 AM
Gliknik Enters Into Licensing Agreement With Pfizer For Drug Candidate Targeting Autoimmune Diseases
BALTIMORE, Sept. 30, 2013 /PRNewswire/ -- Gliknik Inc., a privately held biopharmaceutical company, today announced that it has entered into an exclusive worldwide licensing agreement with Pfizer Inc. for GL-2045, Gliknik's recombinant stradomer, a drug candidate that is designed to replace and improve on pooled human intravenous immunoglobulin (IVIG). GL-2045 has shown promising results in a broad range of preclinical tests and is being developed as a potential treatment for a wide variety of autoimmune diseases, including those in which IVIG is clinically used.
"GL-2045 is the first of several innovative drug candidates Gliknik is advancing for people with autoimmune diseases and cancer," said Gliknik CEO David S. Block. "We selected Pfizer as our partner to progress GL-2045 from among several interested and capable parties because of its exceptional development, manufacturing and commercial capabilities."
Under the terms of the license agreement, Pfizer will receive an exclusive worldwide license to GL-2045 for all therapeutic indications. Gliknik will receive an upfront payment of $25 million and is eligible to receive development, regulatory and commercial milestone payments. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that are commercialized pursuant to this license agreement.
"People with certain autoimmune diseases have limited treatment options, difficult regimens and often a poor prognosis," said Jose Carlos Gutierrez-Ramos, Ph.D., group senior vice president and head of Biotherapeutics R&D at Pfizer. "Pooled IVIG has a long history of use but has a number of limitations. We are pleased to partner with Gliknik on this novel therapeutic approach which may provide an important new option in managing debilitating autoimmune diseases."
GL-2045 is Gliknik's lead preclinical recombinant stradomer for autoimmune diseases. It has demonstrated potent efficacy in numerous preclinical tests and is in IND-enabling manufacturing. GL-2045 acts by presenting highly ordered multimers of normal human IgG Fc to its receptors.
About Gliknik Inc.
Founded in 2007, Gliknik is a biopharmaceutical company creating new therapies for patients with cancer and immune disorders. Gliknik's expertise is in modulation of the immune system to fight disease. Gliknik's lead clinical compound is the immune modulator GL-0817 for cancer, which is poised to enter Phase IIb clinical studies. Learn more at www.gliknik.com.
This press release contains "forward-looking statements" concerning the development and commercialization of GL-2045 and other Gliknik products, the potential benefits and attributes of such products, and the possible receipt by Gliknik of future payments. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Gliknik undertakes no obligation to update any forward-looking statements for any reason.
SOURCE Gliknik Inc.
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