In this paper we will summarize Pfizer, a pharmaceutical company, business deals. In 2008, Pfizer has disclosed that they will own Serenex, Inc. The main reason behind the deal is to ease Pfizer’s fight against cancer. The deal will be closed within September 2008.
According to the deal, Pfizer will get the right to SNX-5422, an Hsp90 inhibitor compound used to treat solid tumors. In March 2008, Pfizer Inc, the biggest research oriented pharmaceutical company in the world, has disclosed a report regarding its current business deal to the public.
The company officials have revealed that they are going to own Serenex, Inc., a biotechnological organization. The Serenex, Inc has a comprehensive Hsp90 inhibitor compound library along with Phase I clinical candidate stature. Financial terms and conditions regarding the deal have not been revealed.
Reason behind the Deal:
The Pfizer officials have said that the main aim behind the seal is to advance their encounter against cancer and some other neuro-degenerative ailments.
The company wants to expand its activities in the area of oncology.
According to the agreement, Pfizer Inc. will have the right to SNX-5422 which is an oral Hsp90 inhibitor. It is used to treat hematological malignancies and solid tumors.
Pfizer will not get the rights to SNX-1012, which is Serenex’s lead compound used to treat oral mucositis of the cancer patients.
The deal is more likely to be completed within the 2nd quarter, that is, September, of 2008. However, the agreement is subject to some customary closing conditions, for example, approbation under the Hart-Scott-Rodino Antitrust Improvements Act, 1976.
Covington & Burling LLP has advised Pfizer on this business deal while, Cooley Godward Kronish LLP and Lehman Brothers has done that for Serenex Inc.