03.03.08
Pfizer has entered into an agreement to acquire Serenex, Inc., a privately-held biotechnology company with a Phase I clinical candidate and an extensive compound library that targets Heat Shock Protein 90 (Hsp90), an anti-cancer target.
Under the agreement, Pfizer will acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in Phase I trials for the potential treatment of solid tumors and hematological malignancies. Pfizer will also acquire Serenex’s drug discovery technology and extensive small molecule Hsp90 inhibitor compound library, which includes potential uses in treating diseases such as cancer, inflammatory and neurodegenerative diseases.
The transaction is expected to close in 2Q08, subject to customary closing conditions. Financial terms of the agreement were not disclosed.
“Pfizer is committed to pursuing compelling science taking place outside our laboratories, and the agreement to acquire Serenex is a splendid example of those efforts,” added Martin Mackay, Ph.D., president of Pfizer Global R&D. “The Serenex oncology candidate extends Pfizer’s substantial internal research efforts to develop novel treatments for cancer, a leading cause of death in the U.S. and much of the world. The library of early phase compounds also has wide potential for utility in a range of neurodegenerative and anti-inflammatory disorders, such as Alzheimer’s disease, Parkinson’s disease and arthritis.”
“We are pleased that our proprietary screening platform and product pipeline will become part of the superb scientific environment at Pfizer,” said Richard Kent, M.D., president and chief executive officer of Serenex. “We are confident that Pfizer has the vision and resources necessary to leverage these new assets in its continuing efforts to produce much-needed new medicines.”
Under the agreement, Pfizer will acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in Phase I trials for the potential treatment of solid tumors and hematological malignancies. Pfizer will also acquire Serenex’s drug discovery technology and extensive small molecule Hsp90 inhibitor compound library, which includes potential uses in treating diseases such as cancer, inflammatory and neurodegenerative diseases.
The transaction is expected to close in 2Q08, subject to customary closing conditions. Financial terms of the agreement were not disclosed.
“Pfizer is committed to pursuing compelling science taking place outside our laboratories, and the agreement to acquire Serenex is a splendid example of those efforts,” added Martin Mackay, Ph.D., president of Pfizer Global R&D. “The Serenex oncology candidate extends Pfizer’s substantial internal research efforts to develop novel treatments for cancer, a leading cause of death in the U.S. and much of the world. The library of early phase compounds also has wide potential for utility in a range of neurodegenerative and anti-inflammatory disorders, such as Alzheimer’s disease, Parkinson’s disease and arthritis.”
“We are pleased that our proprietary screening platform and product pipeline will become part of the superb scientific environment at Pfizer,” said Richard Kent, M.D., president and chief executive officer of Serenex. “We are confident that Pfizer has the vision and resources necessary to leverage these new assets in its continuing efforts to produce much-needed new medicines.”