Drug firm Pfizer has announced it is to buy the biopharmaceutical company Encysive Pharmaceuticals for $195m.
Under the deal, Pfizer will acquire the rights to Thelin (sitaxsentan sodium), an oral, once-daily endothelin A receptor antagonist (ETRA) for the treatment of pulmonary arterial hypertension (PAH).
Thelin has been approved for use in the European Union, and is currently available in the UK, Germany, Ireland, Spain, France, Italy, Belgium, Luxembourg and Holland.
The drug is also approved for use in Australia and Canada, but it is subject to three approvable letters from the Food and Drug Administration (FDA) in the US.
Pfizer now plans to conduct a pivotal phase III trial to support registration in America.
George Cole, president and chief executive officer of Encysive, said: “The process initiated in July of 2007 to review Encysive’s strategic alternatives led us to consider a range of opportunities for increasing shareholder value.
“After a thorough analysis, Encysive’s board of directors concluded that this cash transaction with Pfizer represents the best option for our shareholders now.
“Pfizer has come with a superior offer and with an in-depth understanding of pulmonary arterial hypertension, our primary therapeutic focus.
“We look forward to working with representatives of Pfizer in finalising this transaction, and in transitioning our US and EU operations.”
Copyright Â© PA Business 2008