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pSivida, Pfizer sign $155 million research and licensing agreement
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PERTH, Australia — pSivida Limited has signed an exclusive worldwide collaborative research and license agreement with Pfizer for pSivida's controlled drug delivery technologies in ophthalmic applications, including the Medidur technology, the companies announced in a press release.
Under the agreement, pSivida will receive up to $155 million in development- and sales-related milestones from Pfizer. Both companies will collaborate on a joint research program for developing ophthalmic products using pSivida's sustained drug delivery technology.
Pfizer will also fund the joint research program. In return, Pfizer receives an exclusive license to market all ophthalmic products stemming from the research collaboration and will pay pSivida royalties on net sales of those products. However, Pfizer can terminate the agreement without cause, but must provide 60 days notice, according to the release.