Pfizer has completed its acquisition of Swiss biotech Therachon in a deal worth up to $810 million.
As per the terms of the deal, Pfizer has paid $340 million up front with an additional $470 million in additional payments dependent on achieving certain key milestones in the development and commercialisation of TA-46.
TA-46 is an investigational medicine for the treatment of achondroplasia, a genetic condition and the most common form of short-limb dwarfism.
There are currently no approved treatment options for achondroplasia.
“Therachon becoming part of Pfizer is representative of our Rare Disease team’s 30-year commitment to develop innovative medicines that address significant unmet medical needs of people with rare diseases,” said Seng Cheng, Senior Vice President and Chief Scientific Officer of Pfizer’s Rare Disease Research Unit.
He added that TA-46 has “the potential to be a first-in-class therapy for the treatment of achondroplasia”.