New York, NY and High Point, NC – September 18, 2006 – – Pfizer Inc. (NYSE:PFE) and TransTech Pharma, Inc. announced today that they have entered into a license agreement for the development and commercialization of small and large molecule compounds under development by TransTech. These compounds target the receptor for advanced glycation endproducts (RAGE) and have potential use in the treatment of Alzheimer's disease, a progressive illness that kills nerve cells in the brain afflicting some 18 million people worldwide.
Through the collaboration, Pfizer gains exclusive worldwide rights to develop and commercialize TransTech's portfolio of RAGE modulators. The most advanced molecules are: TTP488, an orally available small-molecule compound that has completed a Phase 2a study in Alzheimer's patients and is currently in a Phase 2 study in patients with diabetic nephropathy; and TTP4000, a large-molecule compound that is expected to enter Phase 1 clinical trials before the end of 2006.
Under the agreement, TransTech will receive upfront and near-term milestone payments of $155 million and the potential for significant additional milestone payments for the successful development and commercialization of multiple RAGE antagonists in several indications. TransTech will also receive royalties on worldwide sales of products. In addition, Pfizer will provide TransTech up to $18 million during the research term to support continued expansion of the RAGE portfolio. The agreement is subject to clearance by U.S. Federal Trade Commission.
" This agreement is an important step in Pfizer's commitment to neurosciences research and the development of new medicines for patients whose lives are impacted by Alzheimer's disease (AD) and other disorders," said Martin Mackay, Ph.D., Pfizer Senior Vice President Worldwide Research and Technology. "As a world leader in Alzheimer's disease therapy, we understand the need for new treatment options for this debilitating disease which takes an enormous toll on our aging and elderly population."
"Our collaboration with TransTech advances our strategy to build upon Pfizer's broad internal research programs with high-potential, externally sourced product candidates and technologies. With this agreement, we have now signed 10 major deals for new products and technologies in a number of therapeutic areas in the last year and our goal is to accelerate this activity by quickly seizing on new opportunities," added Mackay " We are extremely pleased and excited to be partnering our RAGE platform with Pfizer, said Adnan M. M. Mjalli, Ph.D., Founder, President and Chief Executive Officer of TransTech Pharma. "We believe this transaction has the potential to be among the largest of its kind in recent years. Pfizer's deep commitment in multiple therapeutic areas coupled with their broad expertise and experience in the development and commercialization of new medicines, especially for the treatment of central nervous system diseases, were significant factors in our decision to go with Pfizer as the partner of choice to advance our current portfolio of RAGE inhibitors in a variety of potential indications."
TransTech Pharma, Inc. is a majority-owned affiliate of MacAndrews & Forbes Holdings Inc., whose sole shareholder is Ronald O. Perelman.
The receptor for advanced glycation end products (RAGE) is a member of the immunoglobulin superfamily of cell surface molecules with a variety of ligands that are associated with different diseases. Ligands of RAGE and their associated diseases include:
* amyloid fibrils - Alzheimer's disease
* advanced glycation endproducts (AGEs) - diabetes and renal insufficiency
* amphoterin - tumors
* S100/calgranulins - inflammation
Pfizer Inc: Working for a healthier world™
Founded in 1849, Pfizer is the world's largest research-based pharmaceutical company taking new approaches to better health. We discover and develop innovative medicines to treat and help prevent disease for both people and animals. Through consistent, high-quality manufacturing and distribution operations, our medicines reach patients in 180 nations. We also partner with healthcare providers, governments and local communities around the world to expand access to our medicines and to provide better quality healthcare and health system support. At Pfizer, our colleagues work every day to help people stay happier and healthier longer and to reduce the human and economic burden of disease worldwide.
About TransTech Pharma
TransTech Pharma is a privately held clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of human therapeutics to fill unmet medical needs. The Company’s high-throughput drug discovery platform, Translational Technology®, translates the functional modulation of human proteins into safe and effective medicines. TransTech has a pipeline of small molecule clinical and pre-clinical drug candidates for the treatment of a wide range of human diseases including cardiovascular disorders, central nervous system disorders, type I/II diabetes, obesity, and cancer. For further company information, visit http://www.ttpharma.com.
PFIZER DISCLOSURE NOTICE: The information contained in this release is as of September 18, 2006. Pfizer assumes no obligation to update any forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about a license agreement between Pfizer Inc. and TransTech Pharma, Inc. and about possible product candidates that may be developed from TransTech's portfolio of RAGE modulators and the potential benefits of such product candidates. This information involves substantial risks and uncertainties including, among other things, the satisfaction of conditions to closing the agreement; the uncertainties inherent in research and development activities; decisions by regulatory authorities regarding whether and when to approve any drug applications for product candidates that may be developed from TransTech's portfolio of RAGE modulators as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of any such product candidates; and competitive developments.
A further list and description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and in its reports on Form 10-Q and Form 8-K.
For further information contact:
TransTech Pharma, Inc.:
Stephen L. Holcombe
Senior Vice President and Chief Financial Officer
TransTech Pharma, Inc.
4170 Mendenhall Oaks Pkwy
High Point, NC 27265
Phone: 336-841-0300 Ext 150