Pfizer said Wednesday it entered a licensing agreement with Puma Biotechnology for the development and marketing of neratinib, an experimental drug that has shown promise in treating a subset of breast cancer patients.
Under the agreement, Pfizer is entitled to receive royalty payments for sales of the biotechnology drug. Financial terms of the deal were not disclosed.
Neratinib is a type of protein blocker that appears to target specific proteins, including HER-2, which are associated with aggressive forms of breast cancer.
Shares of Pfizer Inc. fell 6 cents Wednesday to close at $17.92.