Pfizer to Acquire FoldRx Pharmaceuticals

Pfizer has acquired Cambridge, MA-based FoldRX Pharmaceuticals.

FoldRX is a privately held drug discovery and clinical development company that is known for its research involving clinical and pre-clinical programs for investigational compounds to treat diseases caused by protein misfolding. These diseases were recognized as an underlying cause in several chronic degenerative diseases.

FoldRx's most promising candidate is an oral drug called tafamidis meglumine, which will deal with the treatment for Transthyretin Amyloid Polyneuropathy (ATTR-PN), a progressively fatal genetic neurogenerative disease for which liver transplant is the only treatment option currently available. FoldRx has filed a marketing authorization application (MAA) with the European Medicines Agency for tafamidis, and is currently in talks with the FDA to file in the U.S. and the European Union.

"By combining FoldRx's proprietary expertise in identifying and developing treatments for protein misfolding diseases with Pfizer's commercial, medical and regulatory expertise, and global strengths in patient services and reimbursement, we are taking a significant step toward potentially bringing, for the first time, a non-surgical treatment option for underserved patients affected by the deadly disease ATTR-PN," said Geno Germano, president and general manager of Pfizer Specialty care business Unit.

Tafamidis is an oral disease-modifying agent that stabilizes the protein transthyretin (TTR) and prevents dissociation of the tetramer, the rate-limiting step in TTR amyloidosis. The disease usually begins in the third or fourth decade of life with symptoms of peripheral and/or autonomic neuropathy that inevitably progress to involve lack of muscle strength with loss of the ability to walk. Liver transplantation is the only medically accepted treatment, but it is not effective across the board, and is associated with a significant mortality. It is estimated that ATTR-PN affects at least 8,000 patients worldwide, the majority of whom are in the European Union. FoldRx is also actively engaged in an innovative early drug discovery program to identify therapeutic agents for cystic fibrosis, Parkinson's disease and Huntington's disease.  

Specific financial terms were not released, but Pfizer will make an upfront payment and subsequent payments if certain milestones are achieved. The closing of the transaction is projected to take place later this year after it is approved by the federal government.

Pfizer owns the former Wyeth (previously Lederle Laboratories) campus in Pearl River.