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news.Pfizer has entered into an agreement to acquire CovX, a privately-held biotherapeutics company and developer of a biotherapeutics technology platform.
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CovX’s biotherapeutic platform is a technology that links therapeutic peptides to an antibody ‘scaffold’. The peptide targets the disease while the antibody scaffold allows the peptide to remain in the body long enough to achieve therapeutic benefit. The technology thereby allows half-life extension and bioavailability to support optimal dosing regimens for peptide therapeutics.
As validation of this technology, CovX has generated three early stage compounds, one diabetes and two oncology compounds, that are expected to further strengthen Pfizer’s biologic pipeline portfolio. Based in La Jolla, California, CovX will operate as a division of Pfizer’s new Biotherapeutic and Bioinnovation Center.
The acquisition is subject to customary closing conditions and is expected to close in the first quarter of 2008.
Jeffrey Kindler, chairman and CEO of Pfizer, said: “With this deal, we are building on our recent announcement of a new Biotherapeutic and Bioinnovation Center based in California.”