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Hale and Dorr Represents Eyetech Pharmaceuticals in $745M Biotech Collaboration with Pfizer

December 24, 2002

Hale and Dorr represented Eyetech Pharmaceuticals, Inc. in its December 17, 2002 deal with Pfizer Inc. to jointly develop and commercialize Eyetech's Macugen(tm) compound, a potential treatment for age-related macular degeneration and diabetic macular edema. These disorders are among the leading causes of blindness. Pfizer will make payments to Eyetech of up to $745 million, including $100 million in up-front payments and an additional $645 million in potential milestone payments based on achievement of regulatory milestones and the attainment of agreed-upon sales levels. Pfizer will also fund a majority of the ongoing development costs for the Macugen(tm) product. Eyetech granted Pfizer the right to co-promote the product with Eyetech in the United States and an exclusive, royalty-bearing license to market the product in the rest of the world.
The Eyetech team included David Redlick, Jeff Stein, Steve Barrett, Joe Paek and Soojin Chung.