Pfizer has exercised an option to acquire attention deficit/hyperactivity disorder (ADHD) drugs firm NextWave Pharmaceuticals for $225 million in cash, and potentially another $425 million in sales-related milestones. Pfizer had negotiated its $20-million option deal for a merger with NextWave earlier this year.
NextWave’s flagship drug, Quillivant XR™ (methylphenidate hydrochloride) for extended-release oral suspension, CII, was sanctioned by FDA in September, and is the first once-daily liquid medication approved in the U.S. for the treatment of ADHD. The firm holds exclusive North American commercialization rights to Quillivant XR, which was developed in partnership with Tris Pharma, NextWave’s technology and manufacturing partner. Tris Pharma has specialist technologies and expertise for the development of sustained-release liquid, chewable/ODT, and other drug delivery technologies.
“This agreement demonstrates our focused expansion of the established products U.S. brands business to offer a diverse portfolio of high-quality medicines that meet patients’ needs,” comments Albert Bourla, president and general manager at Pfizer’s established products business unit. “By combining the advantages of Quillivant XR with Pfizer’s commercialization expertise, we will be able to provide ADHD patients and their caregivers a new treatment option.”
NextWave is focused on the development of products for the treatment of ADHD and related CNS disorders. The firm’s pipeline includes NWP09, an extended-release chewable tablet formulation of the ADHD drug methylphenidate, which is currently undergoing Phase III development and is projected for NDA submission during 2013.