NEW YORK, Aug. 15 /PRNewswire-FirstCall/ -- Pfizer Inc and Bioren Inc today announced the completion of a transaction in which Pfizer purchased all outstanding stock of Bioren for an undisclosed amount. Bioren is a California-based, privately held company specializing in technology for optimizing antibodies. Antibody optimization technologies assist drug companies in developing medicines with improved properties such as greater and longer lasting efficacy. Bioren has developed Walk-Through Mutagenesis (WTM(TM)) and Look-Through Mutagenesis (LTM(TM)) technologies to improve the drug development of antibodies.
"The acquisition of Bioren strengthens Pfizer's commitment to the antibody space," said Nick Saccomano, Ph.D., Pfizer's senior vice president for Worldwide Research Technology. "The ability to use and develop these technologies will help Pfizer identify new antibody leads as well as improve current antibodies in development."
Bioren's Founder and Chief Executive Officer, Dr. Roberto Crea, said, "We are delighted to be joining such a successful, world-class pharmaceutical company. It is a tremendous endorsement of both Bioren's technologies and our committed and innovative scientific staff. We are very excited about the great opportunity provided by Pfizer to apply our platform technologies in developing new antibodies that will benefit millions of patients."
Over the last five years Pfizer has made significant internal and external investments, including the acquisition of Bioren, which have resulted in a substantial portfolio of therapeutic proteins and other macromolecules currently in various stages of development.
DISCLOSURE NOTICE: The information contained in this document is as of August 15, 2005. 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 potential product candidates that involves substantial risks and uncertainties. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development; decisions by regulatory authorities regarding whether and when to approve any drug applications that may be filed for any such product candidates as well as their decisions regarding labeling and other matters that could affect their commercial potential; and competitive developments.
A further list and description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31, 2004 and in its reports on Form 10-Q and Form 8-K.
Bioren was founded in 2002 by Dr. Roberto Crea to discover and develop antibody optimization technologies. The Company was initially financed by Bay City Capital. Later stage investments include Stone Canyon Venture Partners, and other individual investors.
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