CAMBRIDGE, Mass. (AP) -- BIND Therapeutics said Wednesday that Pfizer Inc. has agreed to pay it $160 million per drug as part of a collaboration to develop targeted medicines using nanotechnology which use particles measured in billionths of a meter.
BIND is developing an experimental group of targeted, programmable medicines called Accurins to treat cancer, heart disease and inflammatory disorders. The privately held company's technology comes from two laboratories that specialize in nanotechnology at Harvard Medical School and the Massachusetts Institute of Technology.
Pfizer will make initial payments of roughly $50 million, plus $160 million in regulatory and milestone payments for each targeted drug, according to an announcement from BIND.
Both companies will work on early-stage research for the drugs, and Pfizer will have the exclusive option to develop and market any products produced from the collaboration.
BIND has one product in early-stage clinical testing called Bind-014, a targeted Accurin that contains the chemotherapy drug docetaxel. The product is designed to attach itself to a protein that is expressed in some cancer cells and new blood vessels that feed tumors.
In an unrelated announcement Wednesday, the Children's Hospital of Philadelphia said it will collaborate with Pfizer on therapies for children. Pfizer has research relationships with 21 academic hospitals throughout the U.S. with the aim of developing new products.