7th Apr 2006 07:00
Pfizer to Expand Neuroscience Research With Acquisition of Biotech Company Rinat Neuroscience Rinat Portfolio Includes Early Research in Alzheimer's disease, Phase II Candidate in Acute and Chronic Pain NEW YORK, and SOUTH SAN FRANCISCO, Calif., April 7 -- Pfizer Inc announcedtoday it has entered into an agreement to acquire Rinat Neuroscience Corp., aprivately held biotechnology company that is developing therapeutic proteinsfor the treatment of diseases and disorders of the central nervous system."More than one billion people around the world suffer from neurologicalconditions and diseases, and finding new, more effective treatments forpatients is a high priority for Pfizer research and development," said JohnLaMattina, president, Global Research & Development for Pfizer."Rinat is a pioneer in developing protein-based therapeutics and we seetremendous potential in its research to develop new medicines, notably for thetreatment of Alzheimer's disease," he added. "Combining Rinat's potentialproduct portfolio with Pfizer's capabilities is a further step in our strategyto enhance Pfizer's internal research and development efforts withhigh-potential, externally sourced product candidates and technologies.""We are proud of the drug discovery and development progress we have made inthe last 4 1/2 years," said Ron Eastman, Rinat's CEO. "Further, we are verypleased that Pfizer, the largest pharmaceutical company and a leader inneuroscience, has recognized the potential of our programs to treat significantunmet medical needs."Pfizer has a strong presence in neuroscience through its portfolio of leadingmedicines for the treatment of conditions including neuropathic pain, migraine,depression, anxiety, multiple sclerosis and Alzheimer's disease. In recentyears, the company has made significant internal and external investments tobuild a substantial research presence in biologics through a focus on keytherapeutic areas that complement Pfizer's established excellence in smallmolecule research.Rinat, which is developing novel approaches to neuroscience-based proteintherapeutics, was founded in 2001 when Genentech, Inc. granted Rinat broadlicenses to its key neuroscience assets. The most advanced new drug candidatein Rinat's pipeline is RN624, a potential new treatment for acute and chronicpain that is currently entering Phase II clinical trials. RN624 inhibits nervegrowth factor (NGF) which may play a role in reducing chronic pain without sideeffects common in similar therapies.Rinat is also developing RN1219 for the potential treatment of Alzheimer'sdisease. RN1219, a humanized monoclonal antibody, has been shown to reduceamyloid plaque in pre-clinical studies. The buildup of amyloid deposits in thebrain contributes to the progressive death of nerve cells that occurs inAlzheimer's patients. Rinat has additional compounds in late pre-clinicaldevelopment for migraine prophylaxis and cachexia as well as discovery programsin obesity, pain, neuropathy and Parkinson's disease.The acquisition is subject to customary closing conditions (including approvalunder the Hart-Scott-Rodino Antitrust Improvements Act of 1976), and isexpected to close by mid-year 2006. Lazard and Covington and Burling advisedPfizer on this transaction. Lehman Brothers and Wilson, Sonsini, Goodrich andRosati advised Rinat Neuroscience. The financial terms of the transaction werenot disclosed.PFIZER DISCLOSURE NOTICE: The information contained in this release is as ofApril 6, 2006. The Company assumes no obligation to update anyforward-looking statements contained in this release as a result of newinformation or future events or developments.This release contains forward-looking information about an agreement by Pfizerto acquire Rinat Neuroscience and about Rinat's research and developmentprograms and the potential benefits of product candidates that might resultfrom those programs. Such information involves substantial risks anduncertainties including, among other things, the satisfaction of conditions toclosing the agreement; the uncertainties inherent in research and developmentactivities; decisions by regulatory authorities regarding whether and when toapprove applications for product candidates that may result from such programsas well as their decisions regarding labeling and other matters that couldaffect the availability or commercial potential of such product candidates; andcompetitive developments.A further list and description of risks and uncertainties can be found inPfizer's Annual Report of Form 10-K for the fiscal year ended December 31, 2005and in its reports on Form 10-Q and Form 8-K.SOURCE Pfizer Inc 04/07/2006/CONTACT: Paul Fitzhenry of Pfizer Inc, +1-212-733-4637; or David Pritchard ofRinat Corp., +1-650-615-7303//Company News On-Call: Pfizer's press releases are available through PRNewswire's Company News On-Call service on PRN's Web Site. Visit http://www.prnewswire.com/comp/688250.html //Photo: A free corporate logo to accompany this story is available immediatelyvia Wieck Photo Database to any media with telephoto receiveror electronic darkroom, PC or Macintosh, that can accept overheadtransmissions. To retrieve a logo, please call 972-392-0888.//Web site: http://www.pfizer.com /(PFE)ENDPFIZER INCRelated Shares:
PFZ.L