Nurix receives $7 million milestone payment from Pfizer collaboration

• Nurix Therapeutics achieved a $7 million research milestone under its collaboration with Pfizer to develop degrader antibody conjugates.
• The milestone brings Nurix’s total payments received under the agreement to $82 million.
• The collaboration includes potential milestone payments of up to $3.4 billion across multiple programs, plus future royalties.

Nurix Therapeutics (NASDAQ:NRIX) announced that it achieved a $7 million research milestone under its collaboration with Pfizer (NYSE:PFE) to develop degrader antibody conjugates.

The milestone payment increases Nurix’s total receipts under the agreement to $82 million.

The collaboration was initially established with Seagen in September 2023 before Seagen became part of Pfizer.

Under the original agreement, Nurix received a $60 million upfront payment and became eligible for additional milestone payments tied to the advancement of multiple programs.

Nurix said the agreement includes potential milestone payments of up to $3.4 billion across multiple programs, along with tiered royalties on future product sales ranging from mid-single-digit to low-double-digit percentages.

The collaboration focuses on the development of degrader antibody conjugates, a therapeutic approach combining targeted antibody delivery with protein degradation technology.