Pfizer Inc., the world's biggest drug maker, said on Wednesday it had acquired a genetic eye treatment from Israeli biotech company Quark Biotech Inc. (QBI) in a multi-million dollar deal.
Daniel Zurr, president and chief executive officer at QBI, would not disclose exact financial details regarding the agreement, which is subject to approval by the US Federal Trade Commission, but told Reuters the deal was in the "hundreds of millions of dollars".
Under the agreement Pfizer acquires an exclusive worldwide license to Quark's human gene RTP-801, thought responsible for most cases of blindness in the developed world, and to molecules that modify its expression or function.
Zurr said he was very pleased with the agreement with Pfizer and hoped it would increase foreign interest in the biotech market in Israel.
The RTP-801 gene is blamed for developing pathologic blood vessels that accelerate the progression of age-related macular degeneration (AMD) leading to blindness.
