Tags: pfizer | nextwave | ADHD | drug

Pfizer to Pay as Much as $700 Million for Liquid ADHD Drug

Monday, 22 Oct 2012 05:41 PM

Pfizer Inc., the world’s biggest drugmaker, agreed to pay as much as $700 million to buy NextWave Pharmaceuticals Inc., the closely held maker of a medicine to treat attention deficit hyperactivity disorder.

The deal includes an initial $255 million and as much as $425 million in milestone payments depending on how well NextWave’s liquid ADHD drug, Quillivant XR, sells, New York- based Pfizer said in a statement Monday. Pfizer had paid Cupertino, California-based NextWave $20 million in the second quarter as part of an option to buy the company.

NextWave’s formulation was approved by U.S. regulators on Oct. 1. It’s a liquid form of attention-deficit drugs such as Novartis AG’s Focalin that no longer have patent protection.

“This agreement demonstrates our focused expansion of the Established Products U.S. brands business,” Albert Bourla, president of Pfizer’s Established Products unit, said in the statement.

Pfizer has been shedding non-drug units like its animal health and nutritionals businesses as Chief Executive Officer Ian Read focuses the company on developing new prescription medicines.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Pfizer Inc., the world's biggest drugmaker, agreed to pay as much as $700 million to buy NextWave Pharmaceuticals Inc., the closely held maker of a medicine to treat attention deficit hyperactivity disorder.
pfizer,nextwave,ADHD,drug
169
2012-41-22
Monday, 22 Oct 2012 05:41 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved