Pfizer announces takeover of Bamboo Therapeutics

Pfizer has announced the acquisition of Bamboo Therapeutics, a US biotechnology company that develops gene therapies.

The firm previously acquired approximately 22 percent of Bamboo's fully diluted equity during the first quarter of 2016, and has now purchased the business outright for an upfront payment of $150 million (112.5 million pounds) and potential milestone-based fees of up to $495 million.

Bamboo specialises in the creation of gene therapies for the potential treatment of patients with certain rare diseases related to neuromuscular conditions and those affecting the central nervous system.

Its assets include several clinical and preclinical assets in the field of rare diseases, as well as an advanced recombinant adeno-associated virus vector design and production technology, and a fully functional phase I/II gene therapy manufacturing facility.

This acquisition will allow Bamboo's expertise in these fields to be combined with Pfizer's global scale, research, development and commercialisation experience.

Mikael Dolsten, president of Pfizer's worldwide research and development unit, said: "The field of gene therapy research has made tremendous strides in recent years and we are pleased to be able to further enhance our leadership position in this area through this transaction with Bamboo."