The pharmaceutical company, Pfizer, said Wednesday that it was acquiring the rights to a promising experimental drug for Alzheimer’s disease from Medivation for as much as $725 million. Pfizer, which is seeking to bolster its pipeline of experimental drugs, will pay an initial $225 million for rights to the medicine, Dimebon, which is also being developed for Huntington’s disease, the companies said. Pfizer will pay Medivation, which is based in San Francisco, up to $500 million more should Dimebon reach various development and regulatory goals, plus additional undisclosed commercial milestone payments. Results for Dimebon were presented at a prominent Alzheimer’s conference in July, when the drug showed it kept symptoms of the brain-wasting disease at bay for 18 months.
Please click on the link below to read the New York Times article:
http://www.nytimes.com/2008/09/04/business/04drug.html?ref=health
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