Biogen Inc to buy Pfizer Inc’s neurology drug in a deal that could near $600 million

Biogen said it plans to start mid-stage tests on the drug, which is being developed to treat cognitive impairment associated with schizophrenia.

Biogen Inc said on Monday it would buy Pfizer Inc’s experimental treatment for a symptom associated with schizophrenia in a deal that could near $600 million and mark its foray into the emerging market for neuropsychiatry.

Biogen said it plans to start mid-stage tests on the drug, which is being developed to treat cognitive impairment associated with schizophrenia, in the latter half of the year once the deal closes as expected in the second quarter, reports Reuters.

A majority of the 20 million people living with schizophrenia worldwide experience some degree of cognitive impairment, Biogen said.

Pfizer’s drug is designed to bridge signals in the central nervous system that have been disrupted by the disease.

Biogen said it would pay Pfizer $75 million upfront, up to $515 million in development and commercialization milestone payments, as well as royalties.

News Hour Correspondent

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Bangladeshi community radios broadcasting 25 hours program on COVID-19 prevention education
Global lockdown tightens as coronavirus deaths mount
Tom Hanks, Rita return to US after coronavirus quarantine in Australia
ADB backs China Gas to assure constant gas supplies to combat COVID-19 in Hubei province
Rotterdam concert hall to admit coronavirus patients instead of Eurovision fans

Advertisement

News of the Month

Scroll Up
%d bloggers like this: