Seems PFE has a call option on the espr program.
A call option or something with, I believe, terms not publicly disclosed. It's described fairly vaguely in the ESPR 10-K (p. 10 and others):
"We acquired exclusive worldwide rights for ETC-216, our other in-licensed product candidate, from Pharmacia in July 1998. Under this agreement, at the completion of Phase II clinical trials, Pharmacia has the exclusive right of election to co-develop and the exclusive right to market products that include AIM as an active ingredient in countries outside of the United States and Canada. In addition, upon pursuing a co-development and co-promotion arrangement in the United States and Canada, Pharmacia has the right of first negotiation."
Yesterday's WSJ had this:
"Esperion was founded in 1998 to pursue HDL-related treatments and obtained North American and certain world-wide rights to ApoA-1 Milano, which it calls ETC-216, from the former Pharmacia Corp., which retained the right of first refusal for any co-development or marketing venture. Pfizer how holds that right, having acquired Pharmacia earlier this year. Esperion intends to find a partner to help move the drug to late-stage development.
. . . .
"Dr. Newton says Esperion plans to give a package of ApoA-1 Milano data to Pfizer early in the first quarter. After that the pharmaceutical company will have 90 days to decide whether to pursue the opportunity. Other companies are interested if Pfizer declines, Dr. Newton said." |
