Powermed acquired by Pfizer
British biotech company Powermed has been bought out by the American pharmaceutical giant Pfizer.
The financial details of the buy-out have not been disclosed but the full confirmation of the deal is expected at the end of the year, after US anti-trust authorities give their approval.
Powermed has in the pipeline a series of DNA-based vaccines that can be used to fight diseases such as influenza and chronic viral diseases.
Pfizer say that the deal is a part of its drive to enter the vaccine market and broaden its portfolio of products.
David Shedlarz, vice chairman of Pfizer, said: “This acquisition is an example of the fresh approach Pfizer is taking to business development.
“With PowderMed’s novel DNA technology and its portfolio of early-stage vaccine candidates, we are adding high-potential, externally sourced product candidates and technologies to our research and development portfolio.”
PowderMed’s venture investors included Abingworth Management, Advent Venture Partners, Oxford Bioscience Partners and SV Life Sciences.
PowderMed was advised in the deal by Lehman Brothers and Ashurst.
© Crimson Business Ltd. 2006