Sector News

Pfizer snaps up gene therapy group Bamboo for $645m

August 2, 2016
Life sciences

Pfizer has snapped up the remaining stake in privately-held, US gene therapy group Bamboo Therapeutics in a deal that could be worth as much $645 million.

The US drugs giant already owned around 22 percent of the firm’s fully diluted equity, and has now acquired the remainder for an upfront payment of $150 million.

Under the deal, Bamboo’s selling shareholders will also be eligible for potential milestone payments of up to $495 million contingent upon the progression of key assets through development, regulatory approval and commercialisation.

The move significantly ramps up Pfizer’s expertise in gene therapy, with the addition of clinical and several preclinical assets that complement its own rare disease portfolio, an advanced recombinant Adeno-Associated Virus (rAAV) vector design and production technology, and a fully functional Phase I/II gene therapy manufacturing facility.

“The field of gene therapy research has made tremendous strides in recent years, and we are pleased to be able to further enhance our leadership position in this area through this transaction with Bamboo,” said Mikael Dolsten, president of Pfizer Worldwide R&D.

“We believe that gene therapy may hold the promise of bringing true disease modification for patients suffering from devastating diseases, and we hope to see this promise come to fruition – through new and existing in-house capabilities and potential partnership opportunities – in the years to come.”

Rare diseases impact 350 million patients worldwide and, although more than 7,000 known have been identified, only five percent have an approved medication.

By Selina McKee

Source: Pharma Times

comments closed

Related News

September 25, 2022

Rise of the machines: Novo Nordisk pledges $200M to create first quantum computer for life sciences

Life sciences

Big Pharma has long seen the potential for AI and machine learning to accelerate drug development. But Novo Nordisk is going a step further by channeling $200 million toward the creation of a computer that will outrun anything in existence.

September 25, 2022

Mount Sinai AI uncovers new brain analysis method to predict dementia, Alzheimer’s disease

Life sciences

Current methods for diagnosing Alzheimer’s disease rely on a complex combination of self- and caregiver-reported symptoms, a physical examination and either a PET scan or a spinal tap to look for evidence of amyloid plaque build-ups in the brain. But a new artificial intelligence-based method may make the diagnostic process a much more objective one.

September 25, 2022

New AstraZeneca-backed report finds big money behind diverse owners and entrepreneurs in Europe

Life sciences

There is lots of talk about diversity and inclusion in business, including in pharma and medtech. A new report by the Open Political Economy Network (OPEN), a think tank focusing on migration and diversity, released its “Minority Businesses Matter: Europe” report highlighting the successes and challenges of ethnic minority-owned businesses in Europe.