Pfizer has demonstrated once again just how interested it is in biotech with its $195 million deal to buy Encysive. The buyout expands Pfizer's pipeline for high blood pressure therapies, delivering the rights to Thelin. Pfizer says it will mount a late-phase trial to obtain FDA approval for Thelin, which has already been approved in a long lineup of European countries as well as Canada and Australia. Pfizer is making a $2.35 a share cash tender offer. Encysive's board has signed off on the deal, which is expected to close in the second quarter.
"The acquisition of Encysive will add growing, near-term revenue from the European market and increase our already strong presence in the cardio-respiratory arena with a product that complements Revatio, a PAH treatment that was discovered and developed by Pfizer researchers," said Ian Read, president of Pfizer's worldwide pharmaceutical operations. "We look forward to applying Pfizer's significant resources to the launch of Thelin in additional countries."
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