11:23 AM
Mar 12, 2018
 |  BC Extra  |  Company News

Biogen scoops up neuropsychiatry candidate from Pfizer

Biogen Inc. (NASDAQ:BIIB) will acquire neuropsychiatry candidate PF-04958242 from Pfizer Inc. (NYSE:PFE) for $75 million up front. The pharma is eligible for $515 million in milestones, plus tiered royalties ranging from the low to mid teens. The move follows a January announcement in which Pfizer said it would terminate its discovery and early development neuroscience programs following a pipeline review (see BioCentury Extra, Jan. 5).

Biogen, which said the program is its first in neuropsychiatry, hopes to begin Phase IIb testing next half of the molecule to treat cognitive impairment associated with schizophrenia.

PF-04958242 is a positive allosteric modulator (PAM) of AMPA glutamate receptor (GRIA; GLUR).

Biogen expects the deal to close in 2Q18. The biotech slipped $6.20 to $279.90 on Monday.

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