Pfizer Acquires Minority in AM-Pharma With Option to Acquire CompanyBy
Pfizer has acquired a minority equity interest in AM-Pharma B.V. with an exclusive option to acquire the remaining equity in the company. AMâ€Pharma is a privately held Dutch biopharmaceutical company focused on the development of recombinant human alkaline phosphatase (recAP) for inflammatory disease. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of acute kidney injury (AKI) related to sepsis.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.
There are no drugs currently approved for AKI, and the only treatment option is dialysis and supportive care, according to information from Pfizer. Results from the current Phase II trial for recAP are expected in the second half of 2016.
AMâ€Pharma is a biopharmaceutical company focused on the preclinical and clinical development of recAP (recombinant human alkaline phosphatase) as a treatment of AKI, ulcerative colitis (UC), and hypophosphatasia. Based on the strong results of the Phase II trials with bovine alkaline phosphatase in AKI and UC, AMâ€Pharma developed an innovative recombinant form of human alkaline phosphatase (recAP), which will be used in future trials and for commercialization. Since inception, the company has raised EUR 67 million ($75 million) from a syndicate of international investors, including Inventages, Forbion Capital Partners, Gilde Healthcare, Ysios Capital, Kurma biofund, IDInvest Partners, BB Biotech Ventures, Abbvie, and Shire.