WAVE Life Sciences Enters Into Research, License And Option Deal With Pfizer

(RTTNews) - WAVE Life Sciences Ltd. (WVE) announced that it has entered into a research, license and option agreement with Pfizer Inc. (PFE) for the potential development of nucleic acid therapies aimed at silencing the underlying causes of debilitating metabolic diseases.

The collaboration will focus on genetically defined targets and bring together WAVE's proprietary stereopure drug development platform, across antisense and RNAi modalities, along with GalNAc and Pfizer's hepatic targeting technology for enhanced delivery to the liver.

As per the terms of the agreement, WAVE will advance up to five programs from discovery through to the selection of clinical candidates, at which point Pfizer may elect to exclusively license the programs and undertake further development and potential commercialization. Two targets have been declared upon initiation of the agreement, including WAVE's Apolipoprotein C-III program, with the remaining targets to be declared within eighteen months.

In addition, WAVE has received rights to Pfizer's hepatic targeting technology, which WAVE may elect to use for hepatic programs beyond the collaboration. Should WAVE use this technology, Pfizer is eligible to receive potential development and commercial milestone payments from WAVE. Pfizer is also eligible to receive tiered royalties on sales of any products that include Pfizer's hepatic targeting technology.

As per the agreement, Pfizer agreed to pay $40 million upfront, $30 million of which is in the form of an equity investment in WAVE at a price of $16 per share. In addition, assuming five potential products are successfully developed and commercialized, WAVE may earn up to $871 million in potential research, development and commercial milestone payments from Pfizer, plus royalties, tiered up to low double-digits, on sales of any products that may result from the collaboration.