WYETH PHARMACEUTICALS, PFEIFFER, Pfizer, and Allergan have joined forces in a proposed $600 million partnership, the companies announced Wednesday.
The agreement, announced Wednesday in New York by Pfizer CEO Martin Shkreli and AlliGen co-CEO David Cote, will see Pfizer spend $400 million to develop a generic version of the company’s Daraprim, the world’s most widely used drug to treat toxoplasmosis.
This joint effort will give Pfizer the ability to market its new product and boost the company financially as a result of its greater access to markets for its generic drugs.
Pfizer will also gain access to a much wider variety of generic drugmakers.
Pfizer is already in talks with Roche and Eli Lilly to partner on a generic product.
Pfizers announcement follows Pfizer announcing that Alli Gen had raised $4 billion in funding from the Bill & Melinda Gates Foundation in December.
“Our collaboration with Pfizer has provided Alligen with the resources and the resources to make a better Daraprime,” Alli founder and CEO David Cota said in a statement.
“We have already received a patent application from Pfizer to begin developing this new drug, and we look forward to a final approval from Pfizers.”
Pfizer is also developing a vaccine from Pfiser that could be approved for use in Europe by the end of 2019.
Alli Gen will pay Pfizer $100 million per year over 10 years to continue the development of its product.
The vaccine is expected to be ready for commercial distribution by the middle of 2019, according to the companies.
This partnership is the latest development for the drug industry.
Last year, Alli launched an oral version of Darapri that was approved by the FDA for use against toxoplasma in adults.
In February, Allilgen and Pfizer announced a $100-million investment into Alli’s cancer drug development.
The companies also announced a deal in August to jointly develop a vaccine to treat psoriasis.
According to Pfizer spokeswoman Sarah Miller, the Alli-Pfiser agreement will give the drugmaker the flexibility to pursue a range of novel cancer drugs.
A separate $400-million deal between Pfizer and AstraZeneca was also announced Wednesday, with Astra joining Pfizer in developing a new treatment for COVID-19.
Founded in 2007, Astra has been a leader in the development and manufacturing of new vaccines for HIV, hepatitis C, tuberculosis, malaria, and other diseases.