Pfizer signs separate agreements with Lpath, Phylogica

Pfizer has had a busy day, signing separate pacts with two biotech companies.

Pfizer ($PFE) has had a busy day, signing separate pacts with two biotech companies: one with Lpath for a product candidate to treat ophthalmology disorders, and the other with Australia's Phylogica to discover peptide-based vaccines.

San Diego-based Lpath will provide Pfizer with an exclusive option for a worldwide license to develop and commercialize iSONEP, which is being evaluated for the treatment of wet age-related macular degeneration and other ophthalmology disorders. Pfizer will provide Lpath with an upfront option payment of $14 million in addition to sharing the cost of the planned Phase Ib and IIa trials. Following completion of the studies, Pfizer has the right to exercise its option for worldwide rights to iSONEP for an undisclosed option fee. If Pfizer exercises its option, Lpath will be eligible to receive development, regulatory and commercial milestone payments that could total up to $497.5 million, as well as tiered double-digit royalties based on sales of