Pfizer agrees takeover of FoldRx

Pfizer has agreed a deal to acquire FoldRx Pharmaceuticals, a privately-held healthcare company which specialises in degenerative disease therapies.

Full financial terms for the deal, which remains subject to regulatory approvals, were not disclosed, with Pfizer set to pay an upfront fee and milestone payments as part of the transaction.

In acquiring FoldRx, the company takes control of a range of investigational compounds to treat diseases caused by protein misfolding, including the TTR amyloid polyneuropathy treatment tafamidis meglumine.

FoldRx has already submitted an application for European regulatory approval of the drug, which is intended to provide an alternative to liver transplants in treating the fatal disease.

Geno Germano, president and general manager of Pfizer's specialty care business unit, said: "This transaction will add another important component to the growing portfolio of innovative in-line and investigational medicines for orphan and rare diseases within Pfizer's specialty care business."

Last month, Pfizer presented new clinical data from a trial of its lung cancer therapy Sutent, demonstrating the treatment's efficacy in combination with erlotinib.