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Pfizer
Buying Serenex, Inc.
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Summary:
Pfizer is acquiring Serenex, Inc. and gaining the rights to
SNX-5422, an oral Heat Shock Protein 90 (Hsp90) inhibitor currently
in Phase I trials for the potential treatment of solid tumors and
hematological malignancies. Pfizer will also acquire Serenex’s
proprietary drug discovery technology and extensive small-molecule
Hsp90 inhibitor compound library. See full press release below.
March
3, 2008--Pfizer Inc today
announced that it has entered into an agreement to acquire Serenex,
Inc., a privately-held biotechnology company with a Phase I clinical
candidate and an extensive compound library that targets Heat Shock
Protein 90 (Hsp90), an exciting target in the fight against cancer.
As per the agreement, Pfizer will
acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in
Phase I trials for the potential treatment of solid tumors and
hematological malignancies. Pfizer will also acquire Serenex’s
proprietary drug discovery technology and extensive small molecule
Hsp90 inhibitor compound library. Compounds from this library have
potential uses in treating deadly and debilitating diseases, such as
cancer, inflammatory and neurodegenerative diseases. SNX-1012,
another compound in clinical development for the treatment of oral
mucositis in cancer patients, is not included in the agreement.
The transaction is expected to close
in the second quarter of 2008, subject to customary closing
conditions, including approval under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976. Financial terms of the deal were not
disclosed.
“The agreement to acquire Serenex
is the latest step in the execution of Pfizer’s strategy to expand
our commitment to oncology, an area where Pfizer plans to establish
a leadership position,” said Jeffrey Kindler, chairman and chief
executive officer of Pfizer.
“Pfizer is committed to pursuing
compelling science taking place outside our laboratories, and the
agreement to acquire Serenex is a splendid example of those
efforts,” added Martin Mackay, Ph.D., president of Pfizer Global
Research and Development. “The Serenex oncology candidate extends
Pfizer’s substantial internal research efforts to develop novel
treatments for cancer, a leading cause of death in the United States
and much of the world. The library of early phase compounds also has
wide potential for utility in a range of neurodegenerative and
anti-inflammatory disorders, such as Alzheimer’s disease,
Parkinson’s disease and arthritis.”
Serenex discovered its small molecule
Hsp90 inhibitors using a proprietary high–content screening
platform that enabled the company to rapidly and simultaneously
optimize libraries of compounds against a multitude of important
therapeutic and toxicity targets. This novel technology improved the
overall efficiency across the entire spectrum of drug discovery by
dramatically improving library screening, mechanism of action
determination and toxicity testing, lead optimization and candidate
selection.
Hsp90 is an important molecular
chaperone protein that regulates the folding and degradation of
client proteins involved in cell growth and survival. These
signaling proteins play key roles in cancer, inflammatory diseases,
and neurodegenerative diseases such as Alzheimer’s. The potential
of this exciting drug class in many other therapeutic indications is
yet to be fully explored.
“We are pleased that our
proprietary screening platform and product pipeline will become part
of the superb scientific environment at Pfizer,” said Richard
Kent, M.D., president and chief executive officer of Serenex, Inc.
“We are confident that Pfizer has the vision and resources
necessary to leverage these new assets in its continuing efforts to
produce much-needed new medicines.”
Covington & Burling LLP advised
Pfizer on this transaction. Lehman Brothers and Cooley Godward
Kronish LLP advised Serenex.
More information on both companies,
Hsp90 inhibitors and the proprietary technology platform, is
available at www.pfizer.com
and www.serenex.com.
DISCLOSURE NOTICE: The information
contained in this release is as of March 3, 2008. The Company
assumes no obligation to update any forward-looking statements
contained in this release as a result of new information or future
events or developments.
This release contains
forward-looking information about an agreement by Pfizer to acquire
Serenex, Inc. and about Serenex’s Phase I product candidate,
library of early stage compounds, and technology platform, including
the potential benefits thereof. Such information involves
substantial risks and uncertainties including, among other things,
the satisfaction of conditions to closing the agreement; the
uncertainties inherent in research and development activities;
decisions by regulatory authorities regarding whether and when to
approve any drug applications that may be filed for such product
candidate and such compounds and any other product candidates that
may be generated by Serenex’s technology platform as well as their
decisions regarding labeling and other matters that could affect the
availability or commercial potential of such product candidates; and
competitive developments.
A further list and description of
risks and uncertainties can be found in Pfizer’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2007 and in its
reports on Form 10-Q and Form 8-K.
Contacts
Pfizer Inc
Media:
Shreya Jani, 212-733-4889
or
Investors:
Jennifer Davis, 212-733-0717
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