Pfizer-Connect Biopharma deal for anti-inflammatory agent ends

seekingalpha04-18

Connect Biopharma (NASDAQ:CNTB) has decided to end a licensing deal with Pfizer (NYSE:PFE) for an oral anti-inflammatory agent named CBP-174 as part of its efforts to prioritize its lead asset, ...

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The announcement coincided with Connect’s (CNTB) 2023 financials, which indicated a ~27% YoY drop in its near-term liquidity and long-term investments. A Phase 3-ready antibody candidate, rademikibart, will be the subject of regulatory discussions in the U.S. and China this year ahead of registrational programs in asthma and atopic dermatitis, respectively.  The company said that the termination of the Pfizer (PFE) deal, which is expected to take effect in May, will help extend its cash runway along with its plans to pause pre-clinical and discovery programs. In 2012, Connect (CNTB), a San Diego, California-based biotech with roots in China, bought rights to CBP-174 following a licensing agreement with Arena Pharmaceuticals, which Pfizer (PFE) acquired for $6.7B in 2022. More on Connect Biopharma, Pfizer, etc.  Pfizer's Doldrums, Just A Bad Case Of COVID-19? Pfizer Eyeing Viking Therapeutics? A Scenario Among All The M&A Talk Pfizer's Innovative Drug Pipeline Provides Ample Reason To Buy It Here Pfizer unit to settle Effexor XR antitrust claims in $39M deal Pfizer RSV shot meets key goal in trial of high-risk adults under age 60","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428321957"}