Biogen to buy Pfizer's neurology drug in deal nearing US$600 million

Biogen to buy Pfizer's neurology drug in deal nearing US$600 million

Biogen Inc said on Monday it would buy Pfizer Inc's experimental treatment for cognitive impairment associated with schizophrenia in a deal whose value could near US$600 million.

FILE PHOTO: A sign marks a Biogen facility in Cambridge
FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder/File Photo

REUTERS: Biogen Inc said on Monday it would buy Pfizer Inc's experimental treatment for cognitive impairment associated with schizophrenia in a deal whose value could near US$600 million.

Biogen said it would pay Pfizer US$75 million upfront, up to US$515 million in development and commercialization milestone payments, as well as royalties.

(Reporting by Tamara Mathias in Bengaluru; Editing by Savio D'Souza)

Source: Reuters

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