December 23, 2009 / 1:10 PM / 9 years ago

UPDATE 1-Compugen says in collaboration deal with Pfizer

* Says Pfizer interested in three drug targets

* Pfizer will have right to excercise options for milestones

* Compugen shares up 18 pct before the bell

Dec 23 (Reuters) - Compugen Ltd (CGEN.O) said it entered into a collaboration deal with Pfizer Inc (PFE.N) for a discovery process of certain product candidates for three drug targets of interest to Pfizer.

Shares of Compugen rose 18 percent to $3.35 in pre-market trade. They closed at $2.84 Tuesday on Nasdaq. The process, based on Compugen’s discovery platforms and funded by Pfizer as part of the “discovery on demand” deal, is expected to take a few months, Compugen said.

Pfizer will have the right to exercise options for worldwide exclusive milestone and royalty bearing licenses to develop and commercialize the selected product candidates, it added. (Reporting by Shailesh Kuber in Bangalore; Editing by Deepak Kannan)

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