Pfizer, which expects to close the deal by the year end, said Excaliard will receive an upfront payment and related milestone payments.
The drug EXC 001, which is in mid-stage trials, was co-developed by Excaliard and Isis Pharmaceuticals Inc
Separately, Isis said it will receive up to $14 million from Pfizer for its stake in Excaliard.
The science behind Excaliard's lead compound aligns well with our R&D focus on new treatments for fibrosis and tissue remodeling, Pfizer said.
Pfizer shares closed at $18.96 on Monday on the New York Stock Exchange, while Isis shares closed at $6.57 on Nasdaq.
(Reporting by Balaji Sridharan in Bangalore; Editing by Esha Dey)