2 November 2007

Pfizer Inc has signed a letter of intent to with Tokyo-based Taisho Pharmaceutical Co., Ltd. to license the Japanese prescription drug researcher's new schizophrenia drug candidate TS-032 for manufacture outside Japan.

TS-032 has been discovered by Taisho and is currently in the pre-clinical stage. The letter of intent relates to a proposed license agreement regarding rights for development and commercialisation of the substance outside Japan.

Through the proposed license agreement, Taisho would grant exclusive development and commercialisation rights outside Japan for TS-032 to Pfizer, for a an initial payment of $22 million.

Taisho will also receive milestone payments tied to progress of development, as well as royalties and milestone payments tied to sales if TS-032 is approved by regulatory authorities and launched.

TS-032 is a novel mGluR (metabotropic glutamate receptor) agonist that may offer a new treatment option for central nervous system disorders. Although the characteristics of mGluR are still only partly understood, mGluR is believed to play a role in the transmission of glutamate and other substances in the brain.

Abnormalities in the neurotransmission through mGluR may be one cause for symptoms related to schizophrenia as well as other CNS disorders. Data show that mGluR agonists, such as TS-032, offer potential as new treatments for schizophrenia.

Taisho is the leading company in OTC drugs in Japan and is steadily strengthening its prescription drug research and development by improving its internal research capabilities that have enabled it progress with several original projects, including the research into TS-032 as a new drug candidate.

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