26 Oct 2012, BioSpectrum Bureau , BioSpectrum
Singapore: Pfizer intends to acquire NextWave Pharmaceuticals, a privately held, specialty pharmaceutical company focused on the development and commercialization of unique products for the treatment of attention deficit/hyperactivity disorder (ADHD) and related central nervous system (CNS) disorders.
NextWave is the developer of Quillivant XR (methylphenidate hydrochloride) for extended-release oral suspension, CII, the first once-daily liquid medication approved in the US for the treatment of ADHD, and holds exclusive North American commercialization rights to Quillivant XR. Quillivant XR was developed in collaboration with Tris Pharma, NextWave's technology and manufacturing partner, and is built on Tris' OralXR+ platform.
Pfizer had previously entered into an option and merger agreement with NextWave during the second quarter 2012 and made an option payment of $20 million. Today, Pfizer is exercising its option to acquire NextWave. Under the terms of the agreement, Pfizer will make a payment to of $255 million to NextWave's shareholders at the closing of the transaction, and NextWave's shareholders are eligible to receive additional payments of up to $425 million based on certain sales milestones.
Pfizer's financial advisor for the transaction was Jefferies & Company. Pfizer Legal Alliance (PLA) firms Kaye Scholer and Ropes & Gray acted as legal counsel. The PLA is a collaborative partnership between Pfizer and 19 law firms. NextWave's financial advisor for the transaction was Aquilo Partners, while Cooley served as its legal advisor.