Pfizer to acquire FoldRx Pharmaceuticalsing

The world's largest drug maker Pfizer Inc today disclosed that it is acquiring privately-held drug discovery and clinical development company FoldRx Pharmaceuticals, to build its portfolio of preclinical and clinical candidates.

FoldRx, based in Cambridge, Massachusetts, focuses on first-in-class, disease-modifying, small molecule therapeutics to treat diseases of protein misfolding and aggregation based on the research of its scientific founders, Jeffery Kelly of the Scripps Research Institute and Susan Lindquist of Whitehead Institute.

Since its inception in early 2004, FoldRx has developed a portfolio of pre-clinical and clinical products to treat diseases caused by protein misfolding. The company's lead product, tafamidis meglumine, is being developed for TTR Amyloidosis, a fatal disease with two clinical presentations-- TTR Amyloid Polyneuropathy and TTR Amyloid Cardiomyopathy.

FoldRx recently completed a pivotal Phase II / III trial for tafamidis for ATTR-PN and is in Phase II for ATTR-CM. The company expects approval for the first indication by 2010.

FoldRx is backed by investors that include Alta Partners, Fidelity Biosciences, Healthcare Ventures, Morgenthaler Ventures, Novartis Venture Funds, Novo Ventures, and TPG Biotechnology.

While specific financial terms were not disclosed, New York-based Pfizer, which had 2009 revenues of $50 billion, will make an upfront payment and contingent payments if certain milestones are achieved.

"By combining FoldRx's proprietary expertise in identifying and developing treatments for protein misfolding diseases with Pfizer's commercial, medical and regulatory expertise, and global strengths in patient services and reimbursement, we are taking a significant step toward potentially bringing, for the first time, a non-surgical treatment option for underserved patients affected by the deadly disease ATTR-PN," said Geno Germano, president and general manager, Pfizer Specialty Care Business Unit.

"Over the past five years the FoldRx team has successfully developed tafamidis from the bench stage to MAA submission," said Richard Labaudiniere, Ph.D., president and chief executive officer of FoldRx. "Pfizer's strong clinical and regulatory resources, global marketing reach, and commitment to the treatment of rare diseases will significantly enhance the ability to pursue the goal of efficiently bringing tafamidis to all patients affected by this devastating neurodegenerative disease."