Friday, December 1, 2006

Scripps Research Institute In $100M Deal With Pfizer

La Jolla-based Scripps Research Institute is in a major, five year $100M research collaboration deal with Pfizer, the institutional announced yesterday. The deal calls for Pfizer to pay Scripps Research $100 million over a five year period to advance scientific knowledge of uncured diseases and ways to treat them. The broad reaching agreement covers therapeutic approaches to cancer, diabetes, and mental illnesses, and also include milestones and royalties on any therapeutic compounds created through the collaboration. According to Scripps, Pfizer will have the first right to license discoveries made at Scripps Research during the agreement.