GlycoMimetics & Pfizer Ink Licensing Deal

The potential value of the agreement for GlycoMimetics is approximately $340 million, including an upfront payment as well as development, regulatory and commercial milestones.

Privately held biotechnology company GlycoMimetics, Inc. announced Tuesday that it has signed an exclusive worldwide licensing agreement with Pfizer Inc. for the GlycoMimetics investigational compound GMI-1070.

GMI-1070 is a pan-selectin antagonist currently in Phase 2 development for the treatment of vaso-occlusive crisis associated with sickle cell disease. GMI-1070 has received Orphan Drug and Fast Track status from the U.S. FDA.

Under the terms of the agreement, Pfizer will receive an exclusive worldwide license to GMI-1070 for vaso-occlusive crisis associated with sickle cell disease and for other diseases for which the drug candidate may be developed.