Vertex to get $21M from new CFFT accord

Vertex Pharmaceuticals is to receive approximately $21 million in contracted research payments under an extended drug discovery and development agreement with Cystic Fibrosis Foundation Therapeutics.

Terms of the new deal state that CFFT will make research payments to Vertex through 2004-5 to fund its cystic fibrosis drug discovery, based on recent developments which include the design of small-molecule drugs targeting the basic defect in the condition.

Vertex expects to book around $7 million as revenue from this collaboration for 2004, and has retained the right to develop and commercialize any resulting products.