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Pfizer to acquire FoldRx Pharma

Pfizer has announced it is to acquire FoldRx Pharmaceuticals, a privately held drug discovery and clinical development company

Pfizer has announced it is to acquire FoldRx Pharmaceuticals, a development and discovery company focusing on first-in-class, disease-modifying, small molecule therapeutics. Financial details of the deal have not been disclosed, however, Pfizer will make an upfront payment for FoldRx, followed by further payments on achievement of milestones.

FoldRx's portfolio contains both clinical and pre-clinical programmes for investigational compounds to treat diseases caused by protein misfolding, a recognised underlying cause in many chronic degenerative diseases.

The company currently has a product candidate in registration for a progressively fatal genetic neurodegenerative disease known as TTR amyloid polyneuropathy (ATTR-PN), for which liver transplant is the only treatment option that is currently available.

FoldRx has also filed a marketing authorisation application with the European Medicines Agency (EMA) for tafamidis, which has orphan drug designation in both the US and European Union and Fast Track designation in the US for the treatment of ATTR-PN.

"By combining FoldRx's proprietary expertise in identifying and developing treatments for protein misfolding diseases with Pfizer's commercial, medical and regulatory expertise, and global strengths in patient services and reimbursement, we 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," said Geno Germano, president and general manager, Pfizer Specialty Care Business Unit.

FoldRx has built its portfolio of preclinical and clinical candidates by using its proprietary yeast-based drug target discovery platform. The company's screening engine can quickly and effectively evaluate potential treatment candidates in a wide range of diseases caused by misfolded proteins.

Using this screening engine, FoldRx is also actively engaged in an innovative early drug discovery programme to identify therapeutic agents for cystic fibrosis, Parkinson's disease and Huntington's disease.

1st September 2010

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