Pfizer to buy NextWave Pharma for $700 mln
Largest research-based pharmaceutical company Pfizer will buy NextWave Pharmaceuticals Inc. NextWave is a company that makes a liquid attention deficit hyperactivity disorder drug in a deal worth as much as $700 million.
In September, the Food and Drug Administration approved NextWave’s drug Quillivant XR in September. The once-per-day drug is expected to be in pharmacies in January.
To establish a merger agreement, Pfizer made a $20 million option payment to California-based NextWave in the second quarter.
When the deal closes, the company will pay $255 million and has also agreed to pay NextWave another $425 million based on sales milestones.
According to Pfizer, about 9.5% of children have received a diagnosis of ADHD at some point, and around 4% of adults have the condition.
Using the same drug, NextWave is also developing extended release chewable tablets. It has an advanced-stage study of the tablets in process and aims to submit the product for approval next year.
Subject to regulatory approval, Pfizer expects to close the deal during the fourth quarter.
Pfizer Inc is an American multinational company based in New York City. The company develops and produces medicines and vaccines for wide range of conditions including in areas of immunology and inflammation, oncology, cardiovascular and metabolic diseases, neuroscience and pain.
