Pfizer Expands Commitment to Urology with Agreement to Acquire Worldwide Rights to New Drug Candidate Fesoterodine
New Treatment Expected to Provide Additional Choice for Overactive Bladder Patients
NEW YORK, April 13 -- Pfizer Inc said today that it has entered into an agreement with Schwarz Pharma AG under which Pfizer will acquire exclusive worldwide rights to fesoterodine, a new drug candidate for treatment for overactive bladder.
Earlier this year, Schwarz submitted new drug applications for fesoterodine with both the US Food and Drug Administration and the European Medicines Evaluation Agency (EMEA).
“Overactive bladder is a debilitating condition that affects up to 100 million people around the world,” said Karen Katen, vice chairman of Pfizer Inc and president, Pfizer Human Health. “We are excited about the potential of this new medicine to offer patients and their doctors a new alternative to existing therapies for managing the symptoms of overactive bladder.”
Under the terms of the agreement, Pfizer will make an initial payment of $100 million to Schwarz Pharma plus additional payments based on certain milestones. Schwarz Pharma will also be entitled to royalties on sales of both fesoterodine and Pfizer’s Detrol product line for treatment of overactive bladder. The agreement settles all existing and potential fesoterodine patent litigation between the parties worldwide. The agreement is subject to clearance by U.S. Federal Trade Commission.
Pfizer is a leader in the field of urology with significant experience in meeting the needs of patients with overactive bladder. The company’s once daily medicine Detrol LA helps control involuntary bladder contractions and reduce symptoms of urgency with or without frequency and incontinence. Since its introduction in 2001, Detrol LA has been prescribed for more than 11 million patients worldwide.
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PFIZER DISCLOSURE NOTICE: The information contained in this document is as of April 13, 2006. Pfizer assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.
This release contains forward-looking information about an agreement by Pfizer to acquire the rights to a drug candidate that is under review by the United States Food and Drug Administration (FDA) and the European Medicines Evaluation Agency (EMEA) as well as the potential efficacy of such drug candidate. Such information involves substantial risks and uncertainties including, among other things, obtaining clearance of the agreement by the United States Federal Trade Commission; whether and when the FDA and the EMEA will approve the drug candidate and their decisions regarding labeling and other matters that could affect its availability or commercial potential; and competitive developments.
A further list and description of risks and uncertainties can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and in its reports on Form 10-Q and Form 8-K.
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