Pfizer Acquires Minority Interest in AM-Pharma; Secures Option to Acquire Company
Option may be exercised based on Phase II trial results for recombinant human Alkaline Phosphatase
Bunnik, The Netherlands, and New York, NY – 11 May 2015 – AM‐Pharma B.V., a privately held Dutch biopharmaceutical company focused on the development of recombinant human Alkaline Phosphatase (recAP ) for inflammatory diseases, and Pfizer Inc. (NYSE: PFE) announced today that Pfizer has acquired a minority equity interest in AM-Pharma and secured an exclusive option to acquire the remaining equity in the company. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury (AKI) related to sepsis. There are no drugs currently approved for this condition and the only treatment option is dialysis and supportive care. Results from the current Phase II trial for recAP are expected in the second half of 2016.
Under the terms of the agreement, Pfizer has made an upfront payment of $87.5 million for the minority equity interest and exclusive option, with additional potential payments of up to $512.5 million upon option exercise and potential launch of any product that may result from this agreement. Other terms of the transaction were not disclosed.
"Pfizer is committed to advancing the science to address the high unmet medical need in Acute Kidney Injury" said Mikael Dolsten, M.D., Ph.D., President, Worldwide Research and Development at Pfizer. "Clinical data for recAP show the potential to uniquely address Acute Kidney Injury in the setting of sepsis, and we look forward to working with our partners at AM-Pharma as we aim to accelerate the development of recAP into a potential first-in-class treatment for patients."
Erik van den Berg, CEO of AM-Pharma added: "This agreement is a significant step for AM-Pharma, and we welcome Pfizer as a shareholder and dedicated partner. This deal not only provides good shareholder value, but provides the next step in the development of recAP as a potential treatment for patients with Acute Kidney Injury and other inflammatory diseases."
Ropes & Gray LLP and De Brauw Blackstone Westbroek N.V. acted as legal advisors to Pfizer, and Dechert LLP and Clifford Chance LLP acted as legal advisors to AM-Pharma.
Erik van den Berg (CEO)
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