Pfizer has beefed up its prospects [1]Â in the cancer arena with today's buyout of Durham, NC-based Serenex. The biotech has been developing drugs for tumors and cancers of the blood and bone marrow. But Pfizer also acquires--for an undisclosed sum of money--the company's drug discovery technology.
Serenex has raised about $81 million in venture funds to advance technology developed at Duke University. The biotech has one drug, SNX-5422, an oral Hsp90 inhibitor, in early-stage development.
- see this release [2]Â for more
- check out the AP report [3]
- here's the Dow Jones story [4]
Related Articles:
Serenex banks $31M in latest venture round. Report [5]
Serenex raises $30M in second venture round. Report [6]
Speculation soars over Pfizer's interest in biotech. Report [1]
Pfizer's future rests with biotech. Report [7]
Links:
[1] http://www.fiercebiotech.com/story/speculation-soars-over-pfizers-interest-biotech/2007-10-18
[2] http://www.fiercebiotech.com/press-releases/pfizer-acquire-serenex-extend-oncology-pipeline-and-access-novel-technology-platform
[3] http://www.chron.com/disp/story.mpl/ap/fn/5587363.html
[4] http://money.cnn.com/news/newsfeeds/articles/djf500/200803030830DOWJONESDJONLINE000381_FORTUNE5.htm
[5] http://www.fiercebiotech.com/story/serenex-banks-31m-in-latest-venture-round/2007-06-28
[6] http://www.fiercebiotech.com/story/serenex-raises-30m-in-second-venture-round/2005-10-06
[7] http://www.fiercebiotech.com/story/pfizers-future-rests-biotech/2007-09-13