Medicus Pharma Ltd. filed a Form 425 on November 9, 2026, containing the script from its third-quarter and nine-months-ended September 30, 2026, business update conference call, covering a co-development and license agreement with Pfizer, a proposed SkinJect business combination, and an update on its Teverelix program.

Key Highlights

  • Pfizer agreement signed September 2, 2026: Through its wholly owned subsidiary Medicus Pharma Inc., the company entered a co-development and license agreement with Pfizer for PF-08046031, referred to as CD228V, granting Medicus an exclusive worldwide license to develop, manufacture, and commercialize the program.
  • $2 million provided by Pfizer: Pfizer supplied $2 million for development activities and retains the right, without an obligation, to elect to fund all or part of development beginning with the first pivotal trial.
  • SkinJect letter of intent announced November 4, 2026: SkinJect entered into a non-binding letter of intent with an undisclosed SPAC at a $135 million pre-money enterprise valuation, with concurrent equity financing contemplated at closing.
  • Projected SKNJCT-005 program cost approximately $3 million: The company's projected estimate for the SKNJCT-005 study in Gorlin syndrome and potential New Drug Application preparation is approximately $3 million spread over the next two years.
  • Medicus aims to retain majority ownership of SkinJect combined company: The objective is for Medicus to retain majority economic and voting ownership of the combined company following the proposed transaction.
  • Transaction timeline targeted for first half of 2027: The company said it currently anticipates completing the proposed business combination during the first half of 2027, with no assurance of completion.
  • Initial CD228V focus is melanoma: The company disclosed its initial clinical focus is melanoma, particularly disease that has relapsed, become refractory, or resisted immunotherapy.

Medicus Pharma's Pfizer Collaboration and SkinJect SPAC Plans Detailed in Q3 2026 Call

According to the filing, the September 2, 2026, agreement with Pfizer gives Medicus worldwide rights to CD228V, a second-generation antibody-drug conjugate originating from Seagen and subsequently advanced by Pfizer. The company disclosed that CD228V uses Pfizer's established vedotin linker-payload platform, with changes to the linker and the amount of payload carried by each antibody. Medicus stated these refinements "were designed to improve the balance between drug exposure, tolerability and anti-tumor activity." The company also noted that the vedotin (MMAE) linker-payload technology "has established clinical and regulatory precedent through its use in FDA-approved ADC therapies."

The filing disclosed that Medicus's decision to enter the Pfizer agreement was informed by its review of clinical data from Seagen's open-label Phase 1 study of SGN-CD228A, which enrolled 88 patients with advanced solid tumors including melanoma and non-small cell lung cancer, and that "detailed findings from that study have not yet been publicly disclosed." The company stated it believes CD228V "has the potential to achieve an objective response rate exceeding 30% in melanoma," which it described as a potential benchmark for a future FDA monotherapy registration strategy. The filing explicitly noted this "potential remains to be demonstrated in clinical trials of CD228V."

On the SkinJect proposed transaction, the filing stated the SPAC would acquire 100% of SkinJect in exchange for newly issued common shares of the combined company. Medicus disclosed it will continue allocating essential resources to maintain program readiness as the proposed transaction progresses. Separately, the company described Teverelix as "partner-ready" in urology, advanced prostate cancer, and women's health, with its optimized prostate cancer protocol remaining subject to FDA feedback. The filing noted that Medicus's priority is to concentrate incremental development investment on CD228V, pursue the SkinJect transaction, and preserve Teverelix's partnering readiness. The Form 425 was filed pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, with Medicus Pharma Ltd. listed as both the filer and the subject company under Commission File No. 001-42408.

What Was Disclosed

Medicus Pharma Ltd. filed a conference call script covering its Q3 and nine-month 2026 results, disclosing details of its Pfizer co-development agreement for CD228V, a non-binding SPAC letter of intent for SkinJect at a $135 million pre-money enterprise valuation, and a Teverelix partnering strategy.