Pfizer agreement to acquire Powdermed Ltd.

Acquisition Marks Strategic Entry Into DNA-Based Vaccines

10-Oct-2006

Pfizer Inc announced has entered into an agreement to acquire PowderMed Ltd., a privately held U.K. company specializing in the emerging science of DNA-based vaccines. PowderMed has developed a unique and proprietary technology to deliver DNA directly to the cells of the body's immune system and is advancing a pipeline of proprietary vaccine candidates for influenza and chronic viral diseases.

"This acquisition is a strategic opportunity to enter the vaccine market and is part of our focus on broadening healthcare solutions for patients," said Jeffrey B. Kindler, chief executive officer, Pfizer Inc. "There is a critical public health need for new, more effective vaccines to prevent and treat infectious diseases. As understanding of the human immune system continues to grow exponentially, PowderMed is on the leading edge of advances in vaccine technology that may lead to new vaccines for infectious diseases."

PowderMed has DNA-based influenza vaccines in clinical development for prevention of both seasonal and avian flu. The most advanced candidate is entering Phase II clinical studies for seasonal flu. PowderMed's pipeline also includes vaccines in Phase I development for herpes simplex virus (HSV) and chronic hepatitis B (HBV) and a preclinical project in genital warts (HPV).

Financial terms of the acquisition were not announced. The acquisition is subject to customary closing conditions (including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and is expected to close during the fourth quarter of 2006.

https://www.bionity.com/en/news/58530/pfizer-agreement-to-acquire-powdermed-ltd.html