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WAVE says it has reached research, licensing deal with Pfizer

WAVE Life Sciences Inc., a Cambridge biotech developing nucleic acid therapies to treat neurodegenerative diseases, Thursday said it has struck a research and licensing deal with drug maker Pfizer Inc. that will help WAVE advance up to five drug programs into clinical trials.

New York-based Pfizer, which has a big research center in Cambridge, agreed to make a $40 million upfront payment to WAVE, including an equity investment of $30 million. If all five drug candidates are eventually commercialized, WAVE has the potential to earn up to $871 million in milestone payments, plus royalties, under the agreement.

The deal also gives Pfizer the rights to exclusively license experimental drugs that could arise out of the collaboration.


Robert Weisman can be reached at robert.weisman@globe.com. Follow him on Twitter @GlobeRobW.