Business

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

View Comments
Prescription Drugs

(CBS)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

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 This material may not be published, broadcast, rewritten or redistributed.)

 

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 54,001 other followers