Pfizer is in the midst of a turnaround strategy as it faces the end of patent protection on several of its key medicines. It announced Friday it will acquire biopharmaceutical company Coley, based in Wellesley Massachusetts in a 164 million dollar deal. Coley CEO Robert Bratzler says the companyâ€™s drug candidates are good fit for Pfizer.
We see tremendous synergies and potential applications for our drug candidates in the areas of cancer, inflammation, auto-immune and infectious diseases â€“ all key therapeutic areas for Pfizer.
The two companies are well known to each other - Coley has partnered with Pfizer since 2005 in developing an oncology drug, currently in phase two clinical testing. The acquisition boosts Pfizerâ€™s presence in vaccine development â€“ it already has vaccine research projects in the UK and California. Loss of patent protection on blockbuster drugs like Zoloft, Zithromax and Norvasc has challenged Pfizerâ€™s ability to grow its top line. The company has already said it doesnâ€™t expect revenue to pick up again until new drug candidates come to market some time in 2009.