Medicus Pharma Ltd. (Nasdaq: MDCX) has licensed worldwide rights to Pfizer's PF-08046031 (CD228V), an early clinical-stage antibody-drug conjugate (ADC) targeting melanotransferrin (CD228) that originated at Seagen and was later discontinued by Pfizer. The co-development and license agreement carries more than USD 1 billion in potential milestone payments on top of USD 27 million in upfront and near-term payments from Medicus to the US giant.
Under the agreement, Pfizer granted Medicus an exclusive, sublicensable, royalty-bearing worldwide license under specified patent rights, plus a non-exclusive license to related platform know-how, covering all human diseases and disorders. Medicus assumes sole authority over development, manufacturing, regulatory approval, and commercialization of CD228V, bearing all associated costs. Pfizer retains patent ownership and will receive tiered low double-digit royalties on annual net sales.
Medicus paid Pfizer USD 12 million on the effective date of September 2, 2026, and owes a further USD 15 million on the first anniversary. Pfizer simultaneously paid Medicus a USD 2 million development funding payment restricted solely to CD228V activities. Aggregate development, regulatory, and sales milestones exceed USD 1 billion across multiple indications, though specific trigger values were redacted in the SEC filing. Pfizer holds an option to fund all or part of development from and after the first pivotal trial, subject to a separately negotiated agreement, and is entitled to a portion of proceeds from any future sublicensing or other strategic transactions involving the program.
CD228V entered a Phase I study in 2025, recruiting patients with advanced solid tumors, but was discontinued by Pfizer for strategic and business reasons in March this year. No safety concerns were cited as the basis for termination.