Pfizer, Beam Ink Multi-Target Research Collaboration For In Vivo Base Editing Programs

Pfizer Inc PFE and Beam Therapeutics Inc BEAM have announced an exclusive four-year research collaboration focused on in vivo base editing programs.

• The collaboration may be extended up to one additional year.
• The programs focus on three targets for rare genetic diseases of the liver, muscle, and central nervous system.  
• Under the terms of the collaboration agreement, Beam will conduct all research activities through development candidate selection for three undisclosed targets, which are not included in Beam's existing programs. 
• Pfizer may opt-in to exclusive, worldwide licenses to each development candidate. 
• Beam has a right to opt-in, at the end of Phase 1/2 studies, upon the payment of an option exercise fee, for one program licensed under the collaboration under which Pfizer and Beam would share net profits and costs in a 65%/35% ratio (Pfizer/Beam).
• Beam will receive an upfront payment of $300 million. 
• Assuming Pfizer exercises its opt-in license rights for all three targets, it is eligible for milestone payments for potential total deal consideration of up to $1.35 billion. 
• Price Action: PFE stock is up 0.23% at $55.85, and BEAM shares are up 7.6% at $75.69 during the premarket session on Monday's last check.