Pfizer To Acquire Gene-Tech Company -- WSJ
August 02 2016 - 3:04AM
Dow Jones News
By Austen Hufford
Pfizer Inc. on Monday said it would acquire gene-therapy company
Bamboo Therapeutics Inc., the latest sign of a resurgence of
interest in the technology.
Pfizer will pay $150 million for the shares of Bamboo it doesn't
hold, with potential milestone payments of as much as $495 million.
In the first quarter, Pfizer purchased 22% of Bamboo for $43
million.
The Chapel Hill, N.C.-based Bamboo focuses on developing gene
therapies for patients with rare disease related to neuromuscular
and central nervous system conditions.
Gene therapy involves the injection of genetic material into a
person's cells to treat or prevent a disease. The research stalled
after some study participants died or developed cancer after
receiving gene therapies in the late 1990s and 2000s.
Recently, however, the technology has been given another
look.
In May, GlaxoSmithKline PLC's gene therapy cure for children
born with an extremely rare condition that prevents them from
developing a strong immune system was approved by the European
Commission. It is only the second gene therapy to be sold in
Europe, after UniQure NV's Glybera for a rare genetic condition in
which the body can't break down fat molecules. No gene therapies
are approved for sale in the U.S.
"The field of gene therapy research has made tremendous strides
in recent years," said Mikael Dolsten, Pfizer's president of
research & development. "We believe that gene therapy may hold
the promise of bringing true disease modification for patients
suffering from devastating diseases, and we hope to see this
promise come to fruition."
The deal also includes a 11,000-square-foot manufacturing
facility used for developing clinical trial materials.
Pfizer shares rose 1% to $37.26.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 02, 2016 02:49 ET (06:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
GSK (NYSE:GSK)
Historical Stock Chart
From Aug 2024 to Sep 2024
GSK (NYSE:GSK)
Historical Stock Chart
From Sep 2023 to Sep 2024