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Published on 20 December 2007

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Pfizer unveils biotherapeutics deal

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Pfizer has entered into an agreement to acquire biotherapeutics company CovX, in a move it hopes will enhance the firm’s biologic portfolio.

CovX is a privately-held company which specialises in preclinical oncology and metabolic research and is also a developer of a biotherapeutics technology platform 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.

Jeffrey Kindler, chairman and chief executive officer of Pfizer, said: “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.”

Shehan Dissanayake, chairman of CovX, said: “We are pleased to transition the CovX technology to Pfizer’s Biotherapeutic and Bioinnovation group and are confident they have the vision and resources to scale the platform and realise the opportunity to make efficacious drugs which will make a difference in peoples’ lives.”

Copyright © PA Business 2007

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