Ablynx regains nanobody rights from Pfizer

BRUSSELS (Reuters) - Belgian biotech firm Ablynx said on Friday that it had regained the rights for its TNF-Alpha targeting nanobodies from Pfizer, which form the basis of a rheumatoid arthritis drug currently undergoing clinical trials.

             

Pfizer said it returned the rights to Ablynx after a portfolio review.

             

As part of the agreement, Ablynx will share with Pfizer up to $50 million in future milestone payments it may receive from other third-party deals related to the product.

             

Ablynx said it will review its programs related to the nanobodies before deciding how to proceed.

             

The Belgian company, which is using the DNA of camels and llamas to develop a new class of drugs, said in May that the rheumatoid arthritis drug ATN-103 met its goals in a mid-stage, Phase II test.

             

(reporting by Robert-Jan Bartunek; Editing by Hans-Juergen Peters)