Pfizer Inc. said today that the company plans to work with a Russian Venture Capital Company to do detailed research and set up a market for new drugs in Russia and the neighboring countries.
Pfizer Inc. a New York drugmaker said that with the help of ChemRar High Tech Center it would find out, develop and market new drugs and vaccines curing heart problems, metabolic illnesses, cancer and other infectious diseases.
Pfizer and ChemRar said that both the companies signed a memorandum of understanding without disclosing any financial terms. The partnership between the two companies aims at getting its technology transfered and licensing deals for drugs in Pfizer’s pipeline of developing drugs.
The companies could form other collaborations and there was no such boundation in the agreement.
The agreement with ChemRar was Pfizer’s second biggest collaboration with a Russian company this year. In March, it announced an agreement under which Russian biotech drugmaker Petrovax Pharm would be making a pneumococcal vaccine in the Moscow region.
Shares of Pfizer still remained unchanged at the afternoon trading at $20.55.
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