Pfizer, Celldex Deal Ends

9/3/10

Pfizer has terminated an agreement with Needham, MA-based Celldex Therapeutics (NASDAQ: CLDX), in which it licensed the experimental cancer vaccine rindopepimut, because it says the drug is no longer one of its strategic priorities, Celldex announced today. Celldex will regain full rights to develop and commercialize the treatment, effective November 1 of this year. The deal was first cleared in 2008, when Celldex operated under the name Avant Immunotherapeutics, prior to changing after a merger agreement. The Pfizer deal was worth a $40 million initial payment, plus some development fees, and $10 million in Avant stock.

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