Pfizer buys BioRexis to access novel protein technology

Pfizer is to acquire BioRexis Pharmaceutical Corporation, a privately-held biopharmaceutical company with a number of diabetes candidates and a novel technology platform for developing new protein drug candidates. Financial terms of the agreement were not disclosed.

"Through this acquisition, we are investing in a company with an exciting new technology and potential new product candidates in diabetes," said Edmund Harrigan, senior vice president, Worldwide Licensing and New Business Development for Pfizer.

BioRexis is developing long-acting GLP-1 receptor agonists for the potential treatment of patients with type 2 diabetes. Early studies with these compounds support their potential to advance new treatment options for this disease.

BioRexis has developed proprietary protein engineering technologies based upon human transferrin that provide novel therapeutic agents with substantially longer duration of action than synthetic peptides. In addition to reducing dosing frequency, these technologies have the potential to substantially improve patient tolerability as compared to other evolving protein therapeutic technologies.

The acquisition is subject to customary closing conditions (including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and is expected to close during the first or second quarter of this year.