Pfizer is set to acquire drug discovery and clinical development company FoldRx Pharmaceuticals under an agreement signed between the companies.
FoldRx is engaged in clinical and pre-clinical programs for investigational compounds such as tafamidis meglumine to treat chronic degenerative diseases like TTR amyloid polyneuropathy (ATTR-PN) caused by protein misfolding.
Under the contract, FoldRx is entitled to get contingent payments and an upfront payment from Pfizer, if certain milestones are achieved.
Pfizer Specialty Care Business Unit president and general manager Geno Germano said that by combining FoldRx's proprietary expertise in identifying and developing treatments for protein misfolding diseases with Pfizer, they are taking a significant step toward potentially bringing, for the first time, a non-surgical treatment option for underserved patients affected by the deadly disease ATTR-PN.
FoldRx president and CEO Richard Labaudiniere said that Pfizer's strong clinical and regulatory resources, global marketing reach, and commitment to the treatment of rare diseases will significantly enhance the ability to pursue the goal of efficiently bringing tafamidis to all patients affected by ATTR-PN.
The closing of the transaction is subject to regulatory approval in the US and is expected to occur later this year.
Source: Pharmaceutical Bussiness Review
