The transaction also includes intellectual property and a technology platform related to a second, undisclosed vaccine program.
CMV is a herpes virus and one out of every five children born with this infection may experience hearing loss and severe neurologic disorders.
The company said that more children have disabilities due to congenital CMV than other well-known infections and syndromes such as Down syndrome, fetal alcohol syndrome, spina bifida and paediatric HIV/AIDS.
Pfizer senior vice-president and CSO Vaccine Research & Early Development Kathrin Jansen said: "We are working to bring innovative vaccines to market that prevent and treat serious diseases.
"Through the acquisition of the Redvax innovative CMV vaccine platform and expertise we will seek to develop a vaccine to prevent a difficult disease that can have a devastating and lifelong impact on young children."
According to the US Centers for Disease Control and Prevention (CDC), annually around 5,000 children in the US develop lasting health problems caused by CMV such as hearing or vision loss, and mental disability.
Redbiotec CEO and Redvax managing director Christian Schaub said: "This represents an important step toward the development of a much needed vaccine for CMV, a disease that has a devastating impact on children and families."
Image: Pfizer world headquarters. Photo: courtesy of Jim.henderson.