Biogen to Buy Potential Alzheimer’s, Parkinson’s Drug From Pfizer

Biogen has agreed to purchase Pfizer’s early-stage neurological disease drug for $75 million plus royalties and up to $635 million in future payments. The acquisition of PF-05251749 marks the latest move by Biogen into potential treatments for neurological diseases.

The company plans to develop the experimental treatment for treating sundowning or “late-day confusion” in Alzheimer’s patients and irregular sleep-wake rhythm disorder in Parkinson’s patients.

Biogen plans to launch a phase 1b clinical study of PF-05251749 in the fourth quarter. The drug previously demonstrated acceptable safety and efficacy in a phase 1a clinical study.