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Pfizer Buying Cupertino-Based NextWave Pharmaceuticals For Up To $700M

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Prescription Drugs

(CBS)

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CUPERTINO (CBS/AP) — Pfizer said it will buy NextWave Pharmaceuticals Inc., a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million.

The Food and Drug Administration approved NextWave’s drug Quillivant XR in September, and the once-per-day drug is expected to be in pharmacies in January.

Pfizer made a $20 million option payment to Cupertino, Calif.-based NextWave in the second quarter to establish a merger agreement. The company will pay $255 million when the deal closes, and agreed to pay NextWave another $25 million based on sales milestones.

Pfizer expects the deal to close during the fourth quarter.

Shares of Pfizer Inc. are flat at $25.76 in premarket trading.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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