NEW YORK (TheStreet) -- Shares of Pfizer (PFE) - Get Report are sliding 0.34% to $36.72 in afternoon trading today as the biopharmaceutical company announced it will partner with Western Oncolytics to further develop its oncolytic virus technology, WO-12.
Oncolytic viruses are engineered to kill cancer cells while preserving healthy cells, resulting in anti-cancer immune responses, Pfizer said. They will work together on WO-12 through Phase I trials.
"Our goal is to combine WO-12 with our portfolio of promising investigational immunotherapies to explore how these novel combinations could help further enhance the body's immune response in fighting cancer cells," said James Merson, chief scientific officer of Vaccine Immunotherapeutics at Pfizer, in a statement.
Following completion of the Phase I trials, Pfizer has the option to purchase WO-12. Financial terms of the agreement were not disclosed.
Additionally, Pfizer won bankruptcy-court approval yesterday to acquire the assets of Bind Therapeutics (BIND) for $40 million, the Wall Street Journal reports. The biotechnology company filed for chapter 11 bankruptcy on May 1.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate PFIZER INC as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: PFE