Please login to the form below

Not currently logged in
Email:
Password:

Pfizer to acquire Coley Pharmaceutical

US-based pharmaceutical giant Pfizer has signed an agreement to acquire biopharmaceutical company Coley Pharmaceutical.

US-based pharmaceutical giant Pfizer has signed an agreement to acquire biopharmaceutical company Coley Pharmaceutical.

Coley was targeted for acquisition by Pfizer for its vaccine adjuvant technology. The company also has in its portfolio a new class of immunomodulatory drug candidates in cancer, allergy and asthma and autoimmune diseases.

Per the agreement, Pfizer will make a cash tender offer for all of the outstanding common stock of Coley for USD 8.00 per share for a total value of USD 164m. The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the acquisition by Pfizer of a majority of Coley's shares. Shareholders holding approximately 27 per cent of the Coley shares have entered into agreements to tender their shares in the offer.

Coley's portfolio includes a new class of drug candidates called TLR Therapeutics which stimulate or block immune system Toll-like receptors (TLRs). This action directs the immune system to fight disease. Coley has proprietary clinical stage drug candidates targeting TLRs 7, 8 and 9.

The acquisition is expected to close in early 2008.

Lazard Freres and Covington & Burling advised Pfizer on this transaction. JP Morgan and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo acted as advisors for Coley.

Jeffrey B Kindler, Pfizer's CEO, said: "Coley's innovative product candidate portfolio and technology have the potential to significantly enhance future vaccine and immunotherapeutic approaches to a broad range of diseases including Alzheimer's, asthma, infectious disease and oncology, where we already have strong collaborative research in place."

Robert L Bratzler, Coley's CEO, added: "We believe this transaction is a strong testament to the therapeutic potential of targeting TLR pathways and reflects Pfizer's commitment to discovering and advancing TLR Therapeutic candidates that may be capable of directing the immune system to treat a wide range of diseases."

30th September 2008

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
CSafe Global

CSafe Global is the only global provider of a full line of cold chain solutions and is the world’s largest...

Latest intelligence

New from the PhRMA: Diversity in clinical trials principles summarised
In November 2020, PhRMA announced the first-ever, industry-wide principles on clinical trial diversity. The principles were approved by the PhRMA Boards of Directors and will take effect in April 2021....
New from the FDA: Diversity in clinical trials guidance summarised
In November 2020, the FDA released guidance to enable greater diversity in clinical trials through changes to eligibility criteria, enrolment practices, and trial designs....
5 steps to effective clinical trial branding
When recruiting patients for your clinical trial, you want the materials and information around it to be seen as reputable and professional. To make it clear what the clinical trial...

Infographics