Biogen buys Pfizer cast-off in schizophrenia
US biotech Biogen (Nasdaq: BIIB) has taken a chance on one of the assets that Pfizer (NYSE: PFE) is keen to offload after the pharma giant announced that it was shutting down its R&D in neurosciences.
The deal is for PF-04958242, a Phase IIb-ready AMPA receptor potentiator for cognitive impairment associated with schizophrenia, and includes an upfront payment of $75 million with up to $515 million in additional development and commercialization milestone payments, as well as tiered royalties in the low to mid-teen percentages.
Biogen will not waste any time, starting a Phase IIb trial of this newly-acquired asset in the second half of 2018.
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