Genzyme Competitor Lands Pfizer Deal

12/1/09

Israel-based Protalix Biotherapeutics (NYSE:PLX) said today it has struck a deal with drug giant Pfizer to develop and market Protalix’s experimental Gaucher’s disease drug, taliglucerase alfa. The drug, which the FDA has granted a fast-track process for potential approval, poses a threat to Cambridge, MA-based biotech Genzyme’s (NASDAQ:GENZ) market-leading Gaucher’s treatment, imiglucerase (Cerezyme), which has faced shortages due to manufacturing delays. New York-based Pfizer (NYSE:PFE) has agreed to pay Protalix an upfront payment of $60 million and milestone fees of up to $55 million for worldwide marketing rights to its Gaucher’s drug.

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