Biogen to buy Pfizer's drug for $75M

Monday, 13. January 2020 15:42

Biotechnology company Biogen Inc. announced on Monday it will buy an experimental drug for Alzheimer’s disease from Pfizer Inc. As per the announcement, the drug called PF-05251749 has been developed for the potential treatment of patients with various psychiatric and neurological diseases.

The acquisition includes a payment of $75 million in advance, plus $635 million in "potential additional development and commercialization milestone payments, as well as tiered royalties in the high single digits to sub-teens."

Alfred Sandrock, Executive Vice President and the Research and Development and Chief Medical Officer at Biogen said that "this asset is highly complementary to our existing pipeline of potential disease-modifying therapies in Alzheimer’s and Parkinson’s diseases." Biogen said the transaction should be closed in the first quarter of 2020.

Related Links: Biogen Inc.Pfizer Inc.
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Breaking the News / TF