Clovis Oncology, Inc. Receives License for Worldwide Development and Commercialization Rights to Pfizer's Oral and IV PARP Inhibitor PF-01367338

Clovis Oncology announced today an agreement with Pfizer Inc. PFE for the development and commercialization of Pfizer's oral and IV Poly (ADP-ribose) polymerase inhibitor, PF-01367338, currently in Phase 1/2 development for solid tumors. PF-01367338 is a novel, orally active, small molecule inhibitor of PARP and will be developed by Clovis as both a monotherapy and in combination with chemotherapeutic agents for the potential treatment of selected cancer patients. Under the terms of the agreement, Clovis Oncology will take over responsibility for global product development and commercialization. Pfizer will receive an upfront license fee from Clovis, payable in equity in Clovis Oncology, and will be eligible to receive further payments totaling up to $255 million upon Clovis Oncology's successful attainment of development, regulatory and sales milestones. Pfizer will also receive royalties on any product sales. In addition, Pfizer Venture Investments, the venture capital arm of Pfizer, will make a separate equity investment in Clovis Oncology. "This drug is a very potent PARP inhibitor. It has already demonstrated very encouraging activity as an IV formulation and now we know that the oral formulation is also active. This potentially opens up many exciting opportunities for long-term treatment for cancer patients," said Professor Hilary Calvert, Director of Cancer Drug Discovery and Development at University College London, UK, and a pioneer in the field of human cancer therapy with PARP inhibitors. "We know that PARP inhibitors are active in germline BRCA-mutant tumors, and that this activity extends beyond this group of tumors into broader patient populations in ovarian cancer and may do so in other cancers as well. I am delighted to work with Clovis to quickly bring this promising new therapy forward," he added.