Following US pharmaceutical giant Pfizer’s failed attempt to acquire AstraZeneca, reports say Pfizer has inked a new joint venture deal to develop immunotherapy cancer drugs.
According to reports, Pfizer will team up with France-based Cellectis. The partnership involves Pfizer paying Cellectis $80 million upfront, as well as funding for ongoing research into the new treatment.
Among the other aspects of the deal, Pfizer will also acquire a 10 percent stake in the French company.
The joint venture was announced Wednesday and follows last month’s failure for Pfizer to convince AstraZeneca to merge. Pfizer raised its bid as high as $118 billion to purchase the UK firm.
Full content: Yahoo News
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