Pfizer, Taisho ink agreement for experimental schizophrenia drug

NEW YORK and TOKYO Pfizer and Taisho Pharmaceuticals have signed an agreement for the schizophrenia drug TS-032, which is a preclinical candidate.

According to Taisho, the drug is a novel metabotropic glutamate receptor agonist that may offer a new treatment option for central nervous system disorders.

Under the agreement, Taisho will give Pfizer exclusive development and commercialization rights to the drug outside Japan. This agreement replaces a letter of intent signed by the companies in October 2007. Taisho will receive $22 million upfront from Pfizer as well as milestone payments based on drug development and regulatory approvals.