Pfizer Completes Acquisition of Clinical-Stage Biotech

Pfizer has successfully completed its acquisition of Therachon, a privately held clinical-stage biotechnology company, it was announced in a July 1, 2019 press release.

The acquisition was completed for US$340 million with an additional US$470 million in supplementary payments. The additional payments are dependent on key milestones being achieved in the development and commercialization of an investigational medicine for the treatment of achondroplasia, TA-46.

“Therachon becoming part of Pfizer is representative of our Rare Disease team’s 30-year commitment to develop innovative medicines that address significant unmet medical needs of people with rare diseases,” said Seng Cheng, senior vice-president and chief scientific officer of Pfizer’s Rare Disease Research Unit, in a press release. “With our leading scientific and development capabilities, we believe we can effectively advance the development of TA-46, which has the potential to be a first-in-class therapy for the treatment of achondroplasia.”

Source: Pfizer