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news.Pfizer has signed an agreement worth up to $527 million to acquire Angiosyn, a privately held biopharmaceutical company focusing on novel proprietary biologics for the treatment of eye diseases.
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The acquisition extends Pfizer’s research in the field of ophthalmology and will enable Angiosyn’s novel angiostatic agent to be further developed. The agent’s primary therapeutic indication is for ophthalmic diseases, such as macular degeneration and diabetic retinopathy, in which uncontrolled blood vessel growth can lead to decreased vision and blindness.
Under the agreement, Angiosyn would be merged into a wholly-owned subsidiary of Pfizer, and Angiosyn’s stockholders would receive an up-front payment and other compensation, which together total up to $527 million, plus royalties on future sales.
Full payment is contingent on successful completion of commercial development for an ophthalmic indication and a second therapeutic area. The merger is subject to customary closing conditions, and is expected to close in the first quarter of 2005.
“We believe that Angiosyn’s novel angiostatic agent has the potential to become an important new medicine for the treatment of patients in an area of high medical need and we look forward to developing it further,” noted Dr Martin Mackay, senior vice president of worldwide research and technology at Pfizer.