Pfizer Joins Beam Therapeutics to Develop Rare Disease Therapies

A 3D printed Pfizer logo is placed near drugs from the same manufacturer in this illustration taken on September 29, 2021. REUTERS / Dado Ruvic / Illustration

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Jan. 10 (Reuters) – Drugmaker Pfizer (PFE.N) to partner with gene editing specialist Beam Therapeutics (BEAM.O) in deal worth up to 1.35 billion dollars to develop therapies for rare genetic diseases.

Beam will receive $ 300 million as an upfront payment and will conduct research until three new therapeutic targets are selected for development outside of the company’s existing programs, the companies said on Monday.

Pfizer will then be responsible for the development and regulatory activities of the targets, with the option to opt for exclusive and global licenses for each.

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Biotech company Beam, which went public in February 2020, uses gene-editing technology to develop treatments for rare genetic diseases.

Gene therapies aim to correct certain diseases by replacing the missing or mutated version of a gene found in a patient’s cells with healthy copies, making them the most expensive drugs in the world.

Last year, Beam entered a Partnership with Apellis Pharmaceuticals (APLS.O) for six research programs.

If Beam chooses to co-develop and co-market a Target under the Pfizer deal, it will be entitled to 35% of total net profits and costs.

Beam is also eligible to receive net sales royalties for each target under the agreement which has an initial term of four years and may be extended for an additional year.

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Report by Bhanvi Satija in Bangalore; Editing by Devika Syamnath

Our standards: Thomson Reuters Trust Principles.

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