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Pfizer buys firm developing AMD product
LA JOLLA, Calif. — Pfizer will buy Angiosyn, a privately-held biotechnology firm based here, the biotech company announced in a press release. Angiosyn’s novel angiostatic agent is in development for the treatment of age-related macular degeneration, the company said.
Pfizer is expected to pay $527 million for the biotech firm, subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act. Both companies expect the deal to close in the first quarter of 2005.
Pfizer, along with Eyetech Pharmaceuticals, already markets the AMD drug Macugen (pegaptanib), which received U.S. marketing approval last month. According to published reports at the time of the acquisition announcement, Angiosyn’s compound uses a different mechanism of action than Macugen, which company officials hope will be complementary.