Pfizer offloads scrapped Seagen ADC to Medicus Pharma in up to $1B+ deal

Special report: Meet the 2026 Fierce 50 Biotech Pfizer offloads scrapped Seagen ADC to Medicus Pharma in up to $1B+ deal By Darren Incorvaia Sep 3, 2026 11:31am Pfizer Seagen antibody-drug conjugates Licensing deals Pfizer has found a new home for an antibody-drug conjugate it acquired in its $43 billion Seagen buyout and dropped earlier this year. Medicus Pharma is paying the drugmaker $12 million upfront for rights to PF-08046031, which targets melanotransferrin, or CD228, a protein highly expressed in melanoma and several other solid tumors. Medicus also owes Pfizer another $15 million on Sept.

2, 2027, the first anniversary of the deal, according to a filing with the Securities and Exchange Commission. Should the ADC make it to market, Pfizer is eligible for royalties and could also earn more than $1 billion in development, regulatory and sales milestone payments. The Big Pharma also pitched in $2 million to help Medicus get started on its new cancer prospect.

Under the terms of the deal, Medicus is responsible for the ADC’s development but will provide its plans and budgets to Pfizer for review and comment. The New York drugmaker also has the option to fund all or part of product development after a pivotal trial has started, according to the filing. The partnership on PF-08046031, also called CD228V, “represents a defining milestone for Medicus and significantly expands our presence in precision oncology,” Medicus CEO Raza Bokhari, M.D., said in an emailed statement to Fierce.

“We further believe that this co-development agreement with Pfizer substantially enhances our long-term growth profile and positions the Company to participate in one of the most dynamic sectors of biotechnology.” There are currently no approved drugs that target CD228. Pfizer’s discontinued phase 1 trial of PF-08046031 kicked off in May 2025 and was primarily focused on advanced melanoma but was also exploring lung, head-and-neck and esophageal tumors. Pfizer has been steadily adding to its Seagen scrapheap since the 2023 blockbuster acquisition, and another ADC picked up in the buyout recently failed a phase 3 lung cancer study, marking the first pivotal data readout for a former Seagen asset.

Pfizer Seagen antibody-drug conjugates Licensing deals melanoma Deals Biotech