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October 22, 2012

Pfizer enters deal to acquire NextWave Pharmaceuticals

Pfizer has announced its intention to acquire NextWave Pharmaceuticals in a deal worth up to $700m.

By Nikitha Ladda

Pfizer

Pfizer has announced its intention to acquire NextWave Pharmaceuticals in a deal worth up to $700m.

Under the terms of an option agreement signed earlier this year, the US-based firm will make a payment of $255m to NextWave’s shareholders, who are eligible to receive payments of up to $425m based on sales milestones.

Nextwave is the developer of Quillivant XR, the first once-daily liquid medication for the treatment of attention deficit hyperactivity disorder (ADHD), which was approved by the US Food and Drug Administration last month.

The drug is expected to be available in pharmacies in 2013.

Pfizer Established Products Business Unit president and general manager Albert Bourla said; "By combining the advantages of Quillivant XR with Pfizer’s commercialisation expertise, we will be able to provide ADHD patients and their caregivers a new treatment option."

NexWave president and CEO Jay Shepard said; "NextWave has been focused on helping patients and families who struggle with the challenges of ADHD. We are excited to partner with Pfizer, one of the most respected pharmaceutical organisations in the world, to bring the unique benefits of Quillivant XR to those affected by this challenging condition."

The transaction is expected to close later this year, subject to regulatory approval in the US, and other customary closing conditions.


Image: Pfizer corporate headquarters, located in New York, US. Photo: Courtesy of Pifzer.

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