Pfizer has entered into an agreement to acquire PowderMed Ltd., a UK-based company specializing in the emerging science of DNA-based vaccines. PowderMed has developed a technology to deliver DNA directly to the cells of the body's immune system and is advancing a promising pipeline of 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. "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."
"I am delighted that the potential of the PowderMed technology to revolutionize the prevention and treatment of infectious diseases is now in the hands of the world's leading pharmaceutical company," said Dr. Clive Dix, founder and chief executive officer, PowderMed. "This agreement is a testament to the hard work and commitment of the PowderMed employees over the years."
Financial terms were not disclosed. The acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of this year.