Pfizer has terminated an agreement with Needham, MA-based Celldex Therapeutics (NASDAQ: [[ticker:CLDX]]), in which it licensed the experimental cancer vaccine rindopepimut, because it says the drug is no longer one of its strategic priorities, Celldex announced today. Celldex will regain full rights to develop and commercialize the treatment, effective November 1 of this year. The deal was first cleared in 2008, when Celldex operated under the name Avant Immunotherapeutics, prior to changing after a merger agreement. The Pfizer deal was worth a $40 million initial payment, plus some development fees, and $10 million in Avant stock.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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