Compugen signs development deal with Pfizer

AP News
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Posted: Dec 23, 2009 8:24 AM

Israeli drug developer Compugen Ltd. said Wednesday it signed a collaboration deal with Pfizer Inc. on three potential drug targets for an undisclosed amount.

Compugen said the collaboration involves its therapeutic peptide product candidates for three drug targets of interest to Pfizer.

Following an evaluation period, Pfizer will have the right to exercise options for worldwide exclusive milestone and royalty bearing licenses to develop and sell the selected drug candidates.

Shares of Compugen skyrocketed 60 cents, or 21.1 percent, to $3.44 in premarket trading. The stock closed at $2.84 during the regular trading session Tuesday.