Please login to the form below

Not currently logged in
Email:
Password:

Pfizer buys CovX to augment biologics base

Pfizer buys private held US biotechnology company CovX to augment its own pipeline of biologic drugs

Pfizer has bought the private US biotechnology company CovX to augment its own pipeline of biologic drugs.

CovX has one early-stage diabetes candidate and two early-stage cancer treatment candidates, according to Pfizer; it will become part of the company's Biotherapeutic and Bioinnovation Centre in the US.

Financial terms of the deal were undisclosed, but were expected to finalise in Q1 2008.

Pfizer is facing increased generic competition as it loses patent protection on sales-heavy conventional pharmaceuticals, such as its antidepressant Zoloft (sertraline) and antihypertensive drug, Norvasc (amlodipine). The addition of difficult-to-copy biologic products offers an attractive solution.

Pfizer said it would retain CovX research scientists within the company.

Pfizer's share increased by USD 0.22 cents to reach USD 23.19 in a.m. trading on the announcement.

The Wall Street Journal says Big Pharma has spent USD 76bn since 2005 on buying biotech companies. During the first nine months of 2007, there were 49 deals totalling USD 28.7bn, which includes the USD 15.6bn acquisition of MedImmune by UK-based AstraZeneca.

19th December 2007

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
Wisepress

Wisepress is a medical bookseller promoting and selling books worldwide, both online and via the 200 European medical conferences that...

Latest intelligence

DEMAND DIVERSITY REPORT 02: Why is the LGBTQ+ community facing poorer health outcomes due to COVID-19?
We’re all aware that clinical trials have been discussed more widely since the COVID-19 pandemic. While that’s a great thing for raising awareness of clinical trials in general, it’s also...
CHECKLIST 04: Let’s make your patient recruitment strategies a success
From how to generate insights to define your audience to drilling down those all-important key messages, our checklist has everything you need to think of, covered....
Multichannel engagement and the need for greater understanding of European markets
By Laurence Olding and Georgina James...

Infographics