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Pfizer acquiring NextWave

October 23, 2012 1:07 AM UTC

Pfizer Inc. (NYSE:PFE) exercised its option to acquire CNS company NextWave Pharmaceuticals Inc. (Cupertino, Calif.) for $255 million up front plus up to $425 million in potential milestones. In 2Q12, Pfizer paid NextWave $20 million for the option. The acquistion is expected to close this quarter.

Pfizer said NextWave's recently approved ADHD drug, Quillivant XR methylphenidate, will expand its established products business unit in the U.S. Quillivant, NextWave's first approved product, is slated to launch in the U.S. in January. FDA approved the product in September. The once-daily, extended-release oral suspension of methylphenidate uses Tris OralXR drug delivery technology from Tris Pharma Inc. (Monmouth Junction, N.J.). NextWave's pipeline also includes a chewable tablet formulation of Quillivant, which is in Phase III testing, with an NDA submission planned for next year. ...