Biogen (NASDAQ:BIIB) has agreed to acquire Pfizer’s (NYSE:PFE) PF-05251749, a novel CNS-penetrant small molecule casein kinase 1 (CK1) inhibitor, for the potential treatment of behavioral and neurological symptoms associated with a range of psychiatric and neurological disorders.
It plans to develop the asset for the treatment of sundowning (late-day confusion) in Alzheimer’s disease and irregular sleep-wake rhythm disorder in Parkinson’s disease. A Phase 1b trial should launch in Q4.
Under the terms of the agreement, Biogen will pay Pfizer $75M upfront, up to $635M in milestones and tiered high single-digit-to-sub-teen royalties on net sales.
Biogen expects to close the transaction later this quarter.
BIIB is down 1% premarket while PFE is up a fraction.
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