|
 Beam will receive $300 million in upfront payment and lead research
activities till three new therapy targets are selected for
development from outside the firm's existing programs, the companies
said on Monday.
Pfizer will then be responsible for development and regulatory
activities for the targets, with the option to opt in on exclusive,
worldwide licenses for each.
Biotech firm Beam, which went public in February 2020, uses
gene-editing technology to develop treatments for rare genetic
diseases.
Gene therapies aim to correct certain diseases by replacing the
missing or mutated version of a gene found in a patient's cells with
healthy copies, making them the world's most expensive drugs.
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 Last year, Beam entered a
partnership with Apellis Pharmaceuticals for six
research programs.
If Beam chooses to co-develop and co-commercialise
any target under the Pfizer agreement, it will
be entitled to 35% of the total net profits and
costs.
Beam is also eligible to receive royalties on
net sales for each target under the agreement
that has an initial term of four years and can
be extended for an additional year.
(Reporting by Bhanvi Satija in Bengaluru;
Editing by Devika Syamnath)
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