Pfizer set to acquire CovX

Pfizer has confirmed that it has entered into an agreement to acquire the privately-held biotherapeutics company CovX that the company states will enhance its biologic portfolio.

CovX specialises in preclinical oncology and metabolic research as well as being a developer of a biotherapeutics technology platform that links therapeutic peptides to an antibody ‘scaffold’.

Jeffrey Kindler, chairman and chief executive officer of Pfizer, described the acquisition as a “further step” in the company’s strategy to identify new product candidates that would leverage Pfizer’s expertise.

He added that the deal would also see the development of CovX into a new Biotherapeutic and Bioinnovation Center, which is to be based in California.

“We are looking for the best science wherever we can find it, with a special focus in our priority areas, such as biotherapeutics,” Mr Kindler confirmed.

Chairman of CovX Shehan Dissanayake expressed the firm’s pleasure in seeing CovX transformed into Pfizer’s biotherapeutic group, confirming that he was confident that Pfizer had the vision and resources to make best use of its platform.

The biotherapeutics firm has already generated three early-stage compounds – one diabetes and two oncology compounds – which are expected to further strengthen Pfizer’s biologic pipeline portfolio.