Pfizer buys biotech company

Pharmaceutical giant Pfizer has announced the acquisition of Rinat Neuroscience, a biotechnology company.

Rinat, which is concerned with the development of therapeutic proteins for treating central nervous system disorders and diseases, said it was pleased that Pfizer had “recognised the potential of its programmes”.

Although no financial details have been released, reports have suggested that Pfizer will pay several hundred million dollars for the biotechnology company.

The acquisition will further expand and develop Pfizer’s neuroscience division, in a bid to treat “unmet medical needs”, according to Rinat.

John LaMattina, president of Global Research & Development for Pfizer, said: “More than one billion people around the world suffer from neurological conditions and diseases, and finding new, more effective treatments for patients is a high priority for Pfizer research and development.”

“Rinat is a pioneer in developing protein-based therapeutics and we see tremendous potential in its research to develop new medicines, notably for the treatment of Alzheimer’s disease.”

The deal is expected to be completed by mid-2006, Pfizer has said.

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