Pfizer reports that it has agreed to buy CovX to enhance its biotherapeutics portfolio. The acquisition gives Pfizer three new early-stage compounds and a technology platform.
“With this deal, we are building on our recent announcement of a new biotherapeutic and bioinnovation center based in California and led by Dr. Corey Goodman,” states Jeffrey Kindler, chairman and CEO of Pfizer. Based in La Jolla, CA, CovX will operate as a division of this center.
CovX’ platform 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 compounds using this platform. The firm recently began Phase I testing of an anticancer candidate and plans to initiate Phase I studies with another oncology molecule as well as a drug to treat diabetes.
The deal comes a month after Pfizer said that it would buy Coley for $164 million.The acquisition of CovX is expected to close in the first quarter of 2008.