PFIZER ACQUIRES RIGHTS TO SCWARZ PHARMA'S FESOTERODINE

New York-based Pfizer has completed the acquisition of worldwide rights to the new drug candidate fesoterodine from German company Schwarz Pharma AG, the company announced.

Pfizer and Schwarz Pharma entered into a global license agreement in April for Pfizer to acquire exclusive worldwide rights to fesoterodine, a new drug candidate for the treatment for overactive bladder. Earlier this year, Schwarz Pharma submitted new drug applications for fesoterodine with both the U.S. FDA and the European Medicines Evaluation Agency (EMEA).

As per the agreement, Pfizer will make an initial payment of $100 million to Schwarz Pharma.