Pharma BD Deal Intelligence
Pfizer entered a four-year exclusive multi-target research collaboration with Beam Therapeutics (announced Jan 10, 2022) for in vivo base editing programs targeting rare genetic diseases of the liver, muscle, and central nervous system. Pfizer paid $300M upfront, with up to $1.05B in milestone payments (total consideration up to $1.35B) contingent on Pfizer exercising opt-in licenses across the three targets. UPDATE: in December 2025, at the completion of the four-year research period, Pfizer opted in to an exclusive, worldwide license for one liver-targeted base editing development candidate (built on Beam's proprietary liver-targeting LNP); Pfizer assumes all development, manufacturing, regulatory and commercialization responsibility. Beam remains eligible for development, regulatory and commercial milestone payments and retains a right to opt in, at the end of Phase 1/2, to a global co-development and co-commercialization agreement under which Beam and Pfizer would share net profits and costs 35%/65% (Beam/Pfizer). Beam disclosed the opt-in in its Q4/FY2025 results (Feb 24, 2026). Opt-in fee and specific milestone amounts were not disclosed.