Pfizer Inc. (NYSE: PFE) has completed its acquisition of Excaliard Pharmaceuticals, Inc., a privately owned biopharmaceutical company focused on developing novel drugs for the treatment of skin fibrosis, more commonly referred to as skin scarring.
"It is imperative at Pfizer that we continue to develop new and innovative treatments to address unmet medical needs, and there is currently no FDA-approved treatment for excessive skin scarring," said Jose-Carlos Gutierrez-Ramos, senior vice president, Biotherapeutics, Worldwide Research and Development, Pfizer. "Acquiring Excaliard allows us to continue the development of its lead compound EXC 001 to potentially fill a gap and bring a novel new treatment to patients."
Nicholas Dean, PhD., Founder and Chief Scientific Officer of Excaliard: "We are excited that Pfizer will continue to develop EXC 001, which has shown evidence of reducing scar severity in Phase 2 clinical trials."
While specific financial terms are confidential, Pfizer provided Excaliard's shareholders, which include Isis Pharmaceuticals, Alta Partners, ProQuest Investments and RiverVest Venture Partners, an upfront payment and will make contingent payments if certain milestones are achieved in the future.
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