Pfizer to buy FoldRx for undisclosed amount

Pfizer to buy FoldRx for undisclosed amount

New York: Pfizer Inc. said Wednesday it will buy privately held FoldRx Pharmaceuticals Incl. for an undisclosed amount, expanding its pipeline of potential products.

FoldRx, based in Cambridge, Massachusetts, is developing potential treatments for diseases caused by protein misfolding, which is increasingly recognized as an underlying cause in many chronic degenerative diseases. The lead product candidate is tafamidis meglumine, aimed at treating TTR amyloid polyneuropathy, a progressively fatal genetic neurodegenerative disease.

Liver transplants are currently the only treatment option.

Pfizer said it will pay an upfront fee and future payments will be based on milestones. The deal is expected to close later this year.

Pfizer’s financial adviser for the transaction was Jefferies & Co., while Ropes & Gray LLP was its legal adviser.

In premarket trading, shares of New York-based Pfizer edged up to $16.05 from Tuesday’s close of $15.91.