Shire, a biotech company focused on developing breakthrough therapies for rare diseases and high-need conditions, has agreed to license global rights to Pfizer's new gastrointestinal drug.
PF-00547659 is an investigational biologic intended to treat moderate to severe inflammatory bowel disease. The drug has been tested in more than 700 patients in Phase 1 and 2 trials, and has showed positive results. Phase 3 trials are expected to start after consultation with global health authorities.
"This licensing transaction fits with Shire's commitment to advancing research and development in select specialty areas, including areas of unmet patient need for gastrointestinal conditions such as IBD," said Howard Mayer, MD, head of clinical development for Dublin, Ireland-based Shire. "We look forward to continuing the development of PF-00547659, a biologic that will benefit from our experience in IBD and across the gastrointestinal space."
The transaction will be finalized upon merger approval from the Federal Trade Commission. Terms of the deal were not disclosed.
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