Everest Medicines, a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products for patients in Greater China and other parts of Asia, today announced that Spero Therapeutics, Inc. , a licensing partner of Everest Medicines, entered into a regional licensing agreement with Pfizer Inc. for SPR206, Spero's intravenously (IV)-administered next-generation polymyxin product candidate being developed to treat serious multi-drug resistant (MDR) Gram-negative infections in the hospital setting.
Under the terms of the licensing agreement, Spero has granted Pfizer the rights to develop, manufacture, and commercialize SPR206 in ex-U.S. and ex-Asia territories. In exchange for these rights, Spero is eligible to receive up to $80 million in development and sales milestones, and high single digit to low double-digit royalties on net sales of SPR206 in these territories. Pfizer has also made a $40 million equity investment in Spero as part of the Pfizer Breakthrough Growth Initiative, a program focused on funding innovative science to meet patient needs.
Under a licensing agreement with Spero that was announced in January of 2019, Everest Medicines has exclusive rights to develop, manufacture and commercialize SPR206 in Greater China, South Korea and certain Southeast Asian countries (the "Territory") for the treatment of multi-drug resistant (MDR) Gram-negative bacterial infections. The licensing agreement was amended in January 2021 for the assignment of relevant patents for SPR206 in the Territory to Everest. This license agreement between Spero and Pfizer will have no impact on Everest's rights for SPR206.
"This deal reinforces the potential for SPR206 to serve as an innovative treatment option for MDR Gram-negative bacterial infections, which is a critical ongoing global public health issue," said Kerry Blanchard, MD, PhD, CEO of Everest Medicines. "Pfizer is a leader in the anti-infective therapeutic space, and Pfizer's decision to partner with Spero on this important asset is a testament to Everest's strategic approach to choosing promising and valuable development-stage global assets. We look forward to contributing to the broad and rapid clinical development of SPR206 as we work to address the challenges of MDR Gram-negative bacterial infections."