disease remains the number one killer worldwide with a residual relative risk of 60% to 70% after treatment with statins. Therefore, the primary objective of the torcetrapib/atorvastatin development program is to provide clear evidence that substantially raising HDL- cholesterol and further lowering LDL-cholesterol can reduce cardiovascular risk beyond what can be achieved with current treatments. Torcetrapib will be developed with atorvastatin in order to rigorously test this hypothesis and the new CETP inhibition mechanism of action. This development program represents a major commitment by Pfizer to significantly advance the understanding of lipids and atherosclerosis in order to provide an important new tool for patients and prescribers in preventing and treating the global burden of cardiovascular disease.

On November 21, 2005, Pfizer announced an agreement to purchase development, manufacturing and marketing rights of drugs to treat chronic inflammatory conditions from Incyte Corporation (Incyte). Milestone payments of up to $803 million could potentially be made to Incyte. Under the collaborative research and license agreement, Pfizer will receive exclusive rights to Incyte’s portfolio of CCR2 antagonist compounds. The agreement is subject to regulatory approval.

In May 2005, we announced an agreement to collaborate with Renovis Pharmaceuticals, Inc. (Renovis) for the research and development of antagonists of vanilloid receptor 1 for the treatment of neuropathic and other types of chronic pain. Under the terms of the agreement, we expensed a payment of $10 million made in the second quarter of 2005, which was included in Research and development expenses. Additional milestone payments of $175 million could potentially be made to Renovis based upon clinical trials, regulatory filing and approvals, as well as the attainment of certain agreed upon sales levels.

In March 2005, we announced a license agreement with Coley for ProMune, ProMune combination products and ProMune vaccine

products for the treatment, control and prevention of cancer. Under the terms of the agreement, we expensed a payment of $50 million made in the first quarter of 2005, which was included in Research and development expenses, and purchased $10 million of Coley’s common stock. Additional milestone payments of $455 million could potentially be made to Coley based upon clinical trials, regulatory approvals and the launch of a ProMune product by Pfizer.

In January 2005, we entered into a collaborative research and license agreement with Rigel Pharmaceuticals, Inc. (Rigel) to identify, develop and commercialize Syk tyrosine kinase inhibitors for the use in diagnosis, treatment and prevention of certain allergy and respiratory conditions. Under the terms of the agreement we expensed a payment of $10 million made in the first quarter of 2005, which was included in Research and development expenses, and purchased $5 million of Rigel’s common stock. Additional milestone payments of $130 million could potentially be made to Rigel based upon development stages, clinical trials, regulatory approvals and the successful commercialization of a product.

In October 2003,