Pfizer will acquire Excaliard Pharmaceuticals

Pfizer Inc, and San Diego based Excaliard Pharmaceuticals, Inc, have entered into an agreement where Pfizer will privately acquire Excaliard.  Pfizer said it will make an upfront payment and contingent payments if certain milestones are met. Excaliard recently completed three statistically significant Phase 2 trials with its lead product, EXC 001. Because there are no other drugs to reduce scars approved by the Federal Food and Drug Administration, EXC 001 has the potential to become a muliti-billion dollar drug. Isis Parmeceutical Inc, an equity owner of Excaliard, has granted Excaliard a worldwide license agreement for the development and commercialization of certain drugs (including EXC 001), yet expects some of the upfront payments from Pfizer.

 

SOURCE: Pfizer Press Release