Pfizer to buy Excaliard, gaining rights to Ph II skin scarring product

Global pharma behemoth Pfizer (NYSE: PFE) says it has entered into a definitive agreement to acquire California, USA-based Excaliard Pharmaceuticals, a privately owned biopharmaceutical company focused on developing novel drugs for the treatment of skin fibrosis, more commonly referred to as skin scarring. The acquisition is expected to close before the end of the year.

While specific financial terms are confidential, Pfizer says it will provide Excaliard with an upfront payment and contingent payments if certain milestones are achieved. It also notes that US firm Isis Pharmaceuticals (Nasdaq: ISIS) is an equity owner of Excaliard and has granted Excaliard an exclusive worldwide license agreement for the development and commercialization of certain antisense drugs, including EXC 001. Other investors include RiverVest, Alta Partners and ProQuest Investments.

Isis to get up to $14 million for its equity stake in Excaliard