Pfizer, Icagen in Pain Pact

Icagen, Inc. has entered into a worldwide collaboration and licensing agreement with Pfizer for the discovery, development and commercialization of ion channel-focused therapeutics for pain and related disorders. The two companies will combine resources to identify compounds that target three ion channels. Pfizer will fund all aspects of the collaboration including the research and preclinical development efforts at Icagen and will have exclusive worldwide rights to commercialize products that result from the collaboration. Also, in connection with the collaboration Pfizer will make an equity investment in Icagen.

The ion channel targets included in the collaboration are important in the generation of electrical signals in nerve fibers that cause pain. In preclinical studies, compounds identified by Icagen have demonstrated efficacy in pain models.

“We are enthusiastic about entering into this collaboration with Pfizer,” said P. Kay Wagoner, Ph.D., president and chief executive officer of Icagen. “By combining one of our multi-target ion channel pain programs with similar programs at Pfizer, we believe that together our scientific teams will be well positioned to capitalize upon this exciting therapeutic opportunity. Given that there are three different ion channel targets in the collaboration, we believe that there is a possibility for at least three unique products to emerge from this joint effort.”

Under the terms of the agreement, Pfizer will provide $38 million to Icagen during the first two years of the collaboration, including an upfront license fee of $12 million, as much as $15 million through an equity commitment, and R&D funding. Icagen is also eligible to receive $359 million in research, development, regulatory and commercialization milestones for each product, as well as royalties.