Biogen to Buy Potential Alzheimer's, Parkinson's Asset From Pfizer
January 13 2020 - 8:15AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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