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news.Pfizer has completed its acquisition of Excaliard Pharmaceuticals, a biopharmaceutical company known for developing novel drugs to treat skin fibrosis or skin scarring.
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According to the terms of the deal, Pfizer provided Excaliard’s shareholders, including Isis Pharmaceuticals, Alta Partners, ProQuest Investments and RiverVest Venture Partners, an upfront payment and will make contingent payments on achievement of certain milestones in the future.
Pfizer Biotherapeutics Worldwide Research and Development senior vice president Jose-Carlos Gutierrez-Ramos said the company will develop innovative treatments to address unmet medical needs and that there was no FDA-approved treatment for excessive skin scarring.
"Acquiring Excaliard allows us to continue the development of its lead compound EXC 001 to potentially fill a gap and bring a novel new treatment to patients," Gutierrez-Ramos added.
Excaliard founder and chief scientific officer Nicholas Dean said Pfizer will continue to develop EXC 001, which has shown evidence of reducing scar severity in Phase 2 clinical trials.