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Pfizer acquires global license of drug program from Theravance for $10M

Pfizer Inc. agreed to acquire a global license for Theravance Biopharma Inc.'s program of certain enzyme inhibitors to treat skin conditions for an upfront cash payment of $10 million.

Under the agreement, New York-based Pfizer will pay Theravance up to an additional $240 million in development and sales milestone payments as well as royalties on worldwide net sales of any products developed under the program.

The program focuses on the development of therapies that targets Janus kinase, or JAK, a family of enzymes in the body. Currently, JAK inhibitors are used for the treatment of inflammatory diseases including rheumatoid arthritis, psoriatic arthritis, myelofibrosis and ulcerative colitis.

Theravance's JAK inhibitors program is in the preclinical stage that covers activities prior to the testing of potential therapies in human subjects.