Pfizer: Eisai Claims Right To End Alzheimer's Drug Pact
May 08 2009 - 4:09PM
Dow Jones News
Japanese drug maker Eisai Co. (ESALY) claims it has the right to
terminate an Alzheimer's drug partnership with Pfizer Inc. (PFE)
once Pfizer closes its purchase of Wyeth (WYE), Pfizer disclosed
Friday.
New York-based Pfizer said in a regulatory filing it will oppose
any effort by Eisai to terminate the partnership, saying Eisai has
no legal basis to do so.
Eisai discovered the Alzheimer's drug Aricept, and Eisai and
Pfizer co-promote Aricept in the U.S. and several other countries
under a partnership dating to the mid-1990s. Pfizer recorded $482
million in Aricept sales in 2008.
"Eisai has indicated to us that, in its view, upon consummation
of the Wyeth acquisition, Eisai will have the right to terminate
our Aricept" alliance, Pfizer said in the regulatory filing.
Pfizer agreed in January to acquire Wyeth, Madison, N.J., in a
cash-and-stock deal then valued at about $68 billion. One of the
attractions for Pfizer was Wyeth's development of experimental
Alzheimer's drugs, including bapineuzumab in partnership with Irish
drug maker Elan Corp. (ELN). Pfizer expects the acquisition to
close at the end of the third quarter or during the fourth
quarter.
The basis of Eisai's claim wasn't detailed in Pfizer's
regulatory filing.
An Eisai U.S. spokeswoman couldn't immediately be reached. A
Pfizer spokeswoman declined to comment on the specifics of the
letter from Eisai.
Pfizer shares rose 25 cents, or 1.8%, to $14.41.
-Peter Loftus; Dow Jones Newswires; 215-656-8289;
peter.loftus@dowjones.com