Pfizer buys Angiosyn, angiostatic drug maker

La Jolla, CA-Pfizer Inc. has acquired Angiosyn Inc., a privately held biopharmaceutical company developing an angiostatic agent for ophthalmic diseases, including age-related macular degeneration (AMD).

The $527 million deal means Angiosyn would join Pfizer as a wholly owned subsidiary. Angiosyn stockholders will receive an up-front payment and other compensation, plus royalties on future sales. Full payment hinges on successful completion of commercial development for an ophthalmic indication and a second therapeutic area. The deal is expected to close during the first quarter of 2005.

Angiosyn, founded in 2003 by Paul Schimmel, PhD, and Alta Partners, a venture capital firm, is developing a drug for controlling angiogenesis.

"We believe that Angiosyn's novel angiostatic agent has the potential to become an important new medicine for the treatment of patients in an area of high medical need," Mackay said.

"We are very pleased to have an organization as experienced and committed as Pfizer driving the clinical development and commercialization of our angiostatic compound," said David Mack, PhD, Angiosyn's chief executive officer.

The deal comes as Pfizer launches pegaptanib sodium injection (Macugen), for treating macular degeneration, in conjunction with its developer, Eyetech Pharmaceuticals.