Pfizer launches academic partnership initiative

Pfizer Inc. (NYSE:PFE) launched the Global Centers for Therapeutic Innovation to establish partnerships with academic medical centers for drug discovery and development. The pharma said the University of California, San Francisco, will be the first partner in the network. Under the initiative, Pfizer will provide its partners with funding for preclinical and clinical development programs, as well as offer IP and ownership rights, in return for options to license exclusive rights to drug candidates. Academic partners will have access to Pfizer's antibody libraries and research and also will be eligible for milestones and royalties on advanced programs. UCSF is eligible for up to $85 million in research support and milestone payments over the next five years. The initiative will initially focus on establishing local centers in the U.S. but is expected to expand into Europe and Asia in 2012. ...