Immunovaccine Inc. said Monday that Pfizer Inc., the world's largest drugmaker, is licensing its technology for use in vaccines for cattle.
Terms of the deal between Pfizer Animal Health and Immunovaccine were not disclosed. Immunovaccine, based in Halifax, Nova Scotia, said it will get an upfront payment and milestone and royalty payments on any vaccines developed with the technology by New York-based Pfizer.
The company said its vaccines are designed to work with fewer doses than competing drugs and to produce a greater, longer lasting antibody response.
In morning trading, Pfizer shares rose 45 cents, or 2.5 percent, to $18.81. Earlier the stock set an annual high of $18.90.