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news.Pfizer has entered into an agreement to acquire Serenex, a privately-held biotechnology company with a Phase I clinical candidate and an extensive compound library that targets Heat Shock Protein 90 or Hsp90, an exciting target in the fight against cancer.
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As per the agreement, Pfizer will acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in Phase I trials for the potential treatment of solid tumors and hematological malignancies. Pfizer will also acquire Serenex’s proprietary drug discovery technology and extensive small molecule Hsp90 inhibitor compound library. Compounds from this library have potential uses in treating deadly and debilitating diseases, such as cancer, inflammatory and neurodegenerative diseases. SNX-1012, another compound in clinical development for the treatment of oral mucositis in cancer patients, is not included in the agreement.
The transaction is expected to close in the second quarter of 2008, subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Jeffrey Kindler, chairman and CEO of Pfizer, said: “The agreement to acquire Serenex is the latest step in the execution of Pfizer’s strategy to expand our commitment to oncology, an area where Pfizer plans to establish a leadership position.”