PFE Pfizer Inc

By Colin Kellaher

Biogen Inc. (BIIB) on Monday said it agreed to buy today PF-05251749, a phase-1 clinical asset with potential applications in Alzheimer's and Parkinson's diseases, from Pfizer Inc. (PFE).

The Cambridge, Mass., biopharmaceutical company said it will make a $75 million upfront payment to Pfizer, along with up to $635 million in potential development and commercialization milestone payments.

The New York drug maker also will be eligible for royalties on sales.

Biogen said the acquisition complements its pipeline of potential disease-modifying therapies for Alzheimer's and Parkinson's diseases, adding that it plans to develop PF-05251749 for the treatment of sundowning in Alzheimer's and irregular sleep wake rhythm disorder in Parkinson's.

Biogen said it will account for the acquisition, which it expects to complete in the first quarter, as an asset acquisition.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 13, 2020 08:00 ET (13:00 GMT)

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