Renovis/Pfizer Collaboration and License Agreements

From the press release:

"Renovis Enters Worldwide Collaboration and License Agreement to Research, Develop and Commercialize Small Molecule VR1 Antagonists with Pfizer"

South San Francisco, California– May 31, 2005 — Renovis, Inc. (Nasdaq: RNVS), a developer of drugs to treat neurological diseases and disorders, today announced that it has entered into a worldwide collaboration and licensing agreement with Pfizer Inc. (NYSE: PFE) to research, develop and commercialize small molecules that target the vanilloid receptor, VR1.

The collaboration will focus on treatments for pain, urinary incontinence, and other diseases and disorders.

Under the terms of the agreement, Renovis and Pfizer will combine their current VR1 research and development programs, including all existing VR1 antagonists, in a global research and development collaboration. The companies will form a joint steering committee to monitor and oversee the collaboration. Pfizer will fund all aspects of the collaboration including the research and preclinical development efforts at Renovis and will have exclusive worldwide rights to commercialize products that result from the collaboration. The goal of the alliance is to selectand advance the most promising drug candidates with the hope of providing patients with better products for pain and other conditions known to be associated with VR1.

Upon commencement of the collaboration, which may be subject to certain regulatory approvals, Pfizer will pay a $10 million license fee to Renovis, and during the first two years of the collaboration, Pfizer will provide Renovis with research funding in excess of $7 million. Pfizer also has the option to extend the agreement for up to two additional years subject to additional funding requirements. Renovis will be eligible to receive research, development, approval and commercialization milestones resulting in total potential payments to Renovis through successful achievement of research development and commercialization milestones for each product resulting from the collaboration of greater than $170 million. Upon commercialization of a product resulting from the collaboration, Renovis would be entitled to receive royalties on net sales by Pfizer.

Here is the full text of the Collaborative Research Agreement and the License and Royalty Agreement.