Pfizer returns asthma drug candidate rights to Rigel Pharma; latter narrows losses
As a result of global drugs behemoth Pfizer’s (NYSE: PFE) decision to exit R&D in the field of allergy and respiratory diseases, US drug developer Rigel Pharmaceuticals (Nasdaq: RIGL) will assume development of R343, its inhaled syk inhibitor for allergic asthma that recently completed several Phase I clinical trials, the company revealed last Friday.
Rigel says it is evaluating the details of R343's development to date and expects to design a Phase II clinical trial with the compound later this year. The company’s shares edged 1.2% higher to $8.19 by close of trading on May 6.
Under the terms of the accord with Pfizer, which was signed more than six years ago, Rigel received an undisclosed upfront cash payment and was eligible to receive to milestones and royalties on any future product sales (The Pharma Letter January 31. 2005).
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