Canada's Tekmira Pharmaceuticals said it would collaborate with Pfizer to evaluate the potential of using its technology to deliver Pfizer's gene "silencing" mechanism to treat a range of diseases. Tekmira's shares shot up 20% after it announced the deal -- its first formal research collaboration with Pfizer.

Tekmira's technology, known as sable nucleic acid-lipid particle (SNALP), uses lipid nanoparticles to deliver RNAi therapeutics, such as siRNAs, to the disease site.

"The collaboration combines Tekmira's expertise in the delivery of RNAi therapeutics with Pfizer's research excellence in nucleic acid therapeutics," Mark Murray, Tekmira's chief executive officer said in statement.

Pfizer will evaluate Tekmira's SNALP formulations in preclinical models. Financial terms of the collaboration were not disclosed.