Pfizer has reached a deal to acquire privately held biopharmaceutical company Excaliard Pharmaceuticals. Terms of the deal, which is expected to close by the end of December, were not disclosed in a news release from Pfizer.
Pfizer to buy Excaliard Pharmaceuticals
Isis Pharmaceuticals, one of four investors listed by Excaliard on the San Diego, Calif.-based company's website, said separately that Pfizer could pay Isis up to $14 million for its stake. Pfizer agreed to pay Isis, based in Carlsbad, Calif., $4.4 million once it acquired Excaliard and up to $9.6 million more based on performance targets, according to a news release. Pfizer added in its news release that the company's strategy for research and development includes internal projects and acquisitions such as Excaliard, which is developing a product to minimize skin scars.
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