Benzinga | Nov 30, 2021 04:42PM EST

Pfizer Will Not Co-Promote Exact Sciences Colorectal Cancer Screening Test

Exact Sciences Corporation (NASDAQ:EXAS) says that Pfizer Inc (NYSE:PFE) will no longer join the Company from November 30 to promote its Cologuard colorectal cancer screening test to health care providers. The decision follows an amendment to a co-promotion agreement signed by the two companies.

* In a regulatory filing, Exact Sciences said that per the amendment, it is no longer required to pay royalties or other fees (except for certain expenses such as advertising fees) to Pfizer to promote the product before November 30.

* However, Exact Sciences will instead pay Pfizer $35 million in three installments during the final three quarters of 2022.

* In September, Exact Sciences disclosed the addition of nearly 400 former Pfizer employees to boost its promotional activities for the cancer screening tests,

* The addition increased the size of Exact Sciences' primary care field sales team to over 850 representatives.

* Price Action: EXAS shares closed 0.79% higher at $87.25 on Monday, PFE shares are up 0.99% at $52.92 during the premarket session on the last check Tuesday.