Pfizer Inc. is investing $6 million in BioInvent International AB, a Swedish biotech developing treatments for cancer.
The pharma giant will purchase 21,973,594 shares representing 7.2% of the company for 2.56 Swedish kronor apiece to help the company raise funds for continued research.
Furthermore, Pfizer will pay another $4 million in early and up-front payment in exchange for the exclusive right to develop and commercialize any antibodies generated.
BioInvent can further receive over $500 million in milestone-related payments assuming that five antibodies are developed through to commercialization. The biotech company will also receive royalties on sales of any potential products that may result as a result of the collaboration.
As of Dec. 20, US$1 was equivalent to 9.37 Swedish kronor.