Pfizer, Crown Bioscience in Asian Cancer Pact

Pfizer and Crown Bioscience have entered into a collaboration to research and develop novel therapeutics for Asian cancers. Specific treatments for Asian cancers represent an important unmet medical need as well as a significant market opportunity, according to a joint statement.

Crown will receive an upfront payment and research funding, as well as milestone payments based on the achievement of preclinical and clinical goals, but financial terms were not disclosed. The companies will work together to discover and advance multiple candidates for clinical development. The work will take place at Crown’s new research facility located in Taicang, China, near Shanghai.

“I am delighted to be collaborating with Pfizer’s exceptional oncology group,” says Alex Wu, chief executive officer of Crown. “I am also very happy that Pfizer is focusing on and dedicating resources to address a very important unmet medical need for the Asian populations. This new collaboration extends an already very successful partnership between Crown and Pfizer and further demonstrates Crown’s commitment to becoming an outstanding cancer research company in Asia.”