Pfizer, AM-Pharma in equity/option deal

Pfizer Inc. (NYSE:PFE) purchased an equity stake in renal company AM-Pharma B.V. (Bunnik, the Netherlands) and obtained an exclusive option to acquire the remainder of the company. Pfizer can exercise the option when an ongoing Phase II trial is completed of AM-Pharma's recAP recombinant alkaline phosphatase to treat acute kidney injury (AKI).

AM-Pharma received $87.5 million up front and Pfizer will hold a 17.5% stake in AM-Pharma. AM-Pharma is eligible for $512.5 million in milestones, including an option exercise fee. ...