Pfizer to acquire NextWave Pharmaceuticals
NextWave makes the new ADHD drug Quillivant XR.
Global pharmaceutical maker Pfizer has announced its intention to acquire NextWave Pharmaceuticals of Cupertino, Calif., developer of Quillivant XR, the first once-daily liquid medication approved in the U.S. for the treatment of ADHD. Quillivant XR received approval from the U.S. Food and Drug Administration on Sept. 27, and it is expected to be in U.S. pharmacies in January.
NextWave, a privately-held specialty pharma company, developed Quillivant XR in collaboration with partner Tris Pharma of Monmouth Junction, N.J.
Pfizer previously made an option and merger agreement with NextWave last spring, with an option payment of $20 million. In exercising its option now to acquire NextWave, Pfizer will make a payment of $255 million to NextWave’s shareholders, who are also eligible to receive additional payments of up to $425 million based on certain sales milestones.
“This agreement demonstrates our focused expansion of the Established Products U.S. brands business to offer a diverse portfolio of high-quality medicines that meet patients’ needs,” said Albert Bourla, president and general manager in Pfizer’s Established Products Business Unit. “By combining the advantages of Quillivant XR with Pfizer’s commercialization expertise, we will be able to provide ADHD patients and their caregivers a new treatment option.”
Pfizer, based in New York, had sales of $67.4 billion in 2011. It is a publicly traded corporation (PFE).