Pfizer has agreed to acquire CovX, a privately-held biotherapeutics company specializing in preclinical oncology and metabolic research and a developer of a biotherapeutics technology platform. The price was not disclosed.

Based in La Jolla, CA, CovX will operate as a division of Pfizer’s new Biotherapeutic and Bioinnovation Center.

Said Jeffrey Kindler, chairman and chief executive officer of Pfizer, "The acquisition of CovX is a further step in Pfizer's strategy to acquire and identify new product candidates that we can put into development, leveraging both Pfizer's expertise and that of world-class scientists charged with discovering and bringing in new compounds. We are looking for the best science wherever we can find it, with a special focus in our priority areas, such as biotherapeutics."

CovX's biotherapeutic platform is a technology that links therapeutic peptides to an antibody scaffold. The peptide targets the disease while the antibody scaffold allows the peptide to remain in the body long enough to achieve therapeutic benefit. The technology thereby allows half-life extension and bioavailability to support optimal dosing regimens for peptide therapeutics. CovX has generated three early-stage compounds, one diabetes and two oncology compounds, that are expected to strengthen Pfizer’s biologic pipeline portfolio.

"This deal demonstrates Pfizer’s ongoing commitment to build a competitive biotherapeutics enterprise through the acquisition of talented scientists, promising product candidates and a cutting edge technology platform," said Dr. Corey Goodman, president of Pfizer's Biotherapeutic and Bioinnovation Center. "CovX scientists will remain in place, which reflects our decision to partner differently and maximize the productivity of the research initiatives underway outside of our walls."