To develop CAR-T immunotherapies or Chimeric Antigen Receptor T-cell in the field of oncology directed at select targets, Cellectis, a French-based biotechnology company focused on oncology, and Drugmaker Pfizer Inc have entered into a global strategic collaboration.

CAR-T platform technology of Cellectis provides an allogeneic approach to developing CAR-T therapies that is distinct from other autologous approaches.

Pfizer has rights to pursue development and commercialization of CAR-T therapies in the field of oncology, which is directed by Pfizer at fifteen targets selected.

Pfizer and Cellectis will work together on preclinical research and Pfizer will be responsible for the development and potential commercialization of any CAR-T therapies for the Pfizer-selected targets.

The agreement also provides for twelve targets selected by Cellectis. Pfizer and Cellectis will work together on preclinical research on four Cellectis-selected targets and Cellectis will work independently on eight additional targets.

For CAR-T therapeutics for the Cellectis-selected targets, Cellectis will be responsible for commercialization and clinical development. Pfizer has right of first refusal to the four Cellectis-selected targets.

Cellectis will get an upfront payment of $80 million and funding for research and development costs associated with Pfizer-selected targets and the four Cellectis-selected targets within the collaboration.

For every Pfizer product, Cellectis is eligible to receive regulatory, commercial and development milestone payments of up to $185 million. The biotech company is also eligible to receive tiered royalties on net sales of any products that are commercialized by Pfizer.

Additionally, Pfizer will enter into an equity agreement to purchase around 10 percent of the Cellectis capital through newly issued shares at 9.25 euro per share.

In the event of non approval of the sale of equity by the Cellectis shareholders, Pfizer has the option to terminate the collaboration agreement.

Cellectis is expected to open a site in the U.S. soon to work more closely with scientists at Pfizer.