Pfizer snaps up Serenex in buyout

Pfizer has beefed up its prospects 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 for more
- check out the AP report
- here's the Dow Jones story