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news.Pfizer has completed the acquisition of worldwide rights to the new drug candidate fesoterodine from Schwarz Pharma AG following the expiration of the waiting period under the Hart-Scott-Rodino antitrust act.
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Pfizer and Schwarz Pharma entered into a global license agreement in April for Pfizer to acquire exclusive worldwide rights to fesoterodine, a new drug candidate for treatment for overactive bladder. Earlier this year, Schwarz Pharma submitted new drug applications for fesoterodine with both the FDA and the European Medicines Evaluation Agency (EMEA).
Fesoterodine is expected to provide additional choice for managing the symptoms of overactive bladder, a debilitating condition that affects up to 100 million people around the world.
In conjunction with Hart-Scott-Rodino clearance, Pfizer will make an initial payment of $100 million to Schwarz Pharma.