By Michael Dabaie

Theravance Biopharma Inc. (TBPH) and Pfizer Inc. (PFE) said they entered into a global license agreement for Theravance's preclinical program for skin-targeted, locally-acting pan-Janus kinase, or JAK, inhibitors that can be rapidly metabolized.

Theravance will receive an upfront cash payment of $10 million and will be eligible to receive up to an additional $240 million in development and sales milestone payments from Pfizer.

Theravance will also be eligible to receive royalties on worldwide net sales of any potential products emerging from the program.

JAK inhibitors are currently approved for the treatment of a range of inflammatory diseases including rheumatoid arthritis, psoriatic arthritis, myelofibrosis, and ulcerative colitis.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

December 23, 2019 08:52 ET (13:52 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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