Healthcare Industry News: Neuropathic Pain
News Release - June 14, 2006
Pfizer Enters Into Agreement with Bayer to License Compounds for Potential Treatment of Obesity, Diabetes and Related DisordersNEW YORK and LEVERKUSEN, Germany, June 14 (HSMN NewsFeed) -- Pfizer Inc and Bayer Pharmaceuticals Corporation (BPC), the U.S. subsidiary of Bayer HealthCare, announced today that they have entered into an agreement granting Pfizer exclusive worldwide rights to Bayer's DGAT-1 inhibitors, an innovative class of compounds that modify lipid metabolism. The lead compound in the class, BAY 74-4113, is a potential treatment for obesity, type 2 diabetes and other related disorders. The compound is currently in Phase I clinical development.
"Obesity and diabetes are expanding hand-in-hand at near epidemic levels throughout the world. The need for new treatment options for patients has never been greater," said Martin Mackay, Ph.D., senior vice president, Worldwide Research & Technology for Pfizer. "We are excited about the potential of the DGAT-1 inhibitors in the areas of obesity and type 2 diabetes which complement Pfizer's ongoing metabolic disease research programs."
According to Dr. Gunnar Riemann, Head of Bayer HealthCare's Pharmaceuticals Division, "This licensing agreement with Pfizer validates the quality of our expertise in research. Our decision to outlicense this promising candidate is in line with our focus on specialty pharmaceuticals."
An estimated 194 million people have either type 1 or 2 diabetes, according to the International Diabetes Federation. The World Health Organization estimates that by 2025 the number of people with diabetes will exceed the current U.S. population. Type 2 diabetes is the most common and fastest growing form of the disease and it is often complicated by obesity.
Under the terms of the agreement, Bayer will receive an upfront fee, milestone payments and royalties on sales of any compounds successfully commercialized. Specific financial terms were not disclosed. The agreement is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is expected to close in the second half of 2006.
Pfizer Inc, the world's largest research-based pharmaceutical company, discovers, develops, manufactures and markets prescription medicines in 11 therapeutic areas. Pfizer is also the world's largest animal health company and one of the world's largest marketers of consumer healthcare products.
Founded in Brooklyn in 1849, Pfizer today markets its medicines and other products in more than 180 nations. The company has approximately 105,000 colleagues worldwide, all of whom are devoted to working for a healthier world. Pfizer conducts more biomedical research than any other corporation, and has 14,000 professionals working in six major R&D sites worldwide. Pfizer's research investment in 2005 was more than $7.4 billion.
Pfizer's best-selling prescription medicines are Lipitor, for cholesterol; Norvasc, for hypertension; Zoloft, for depression; Celebrex, for arthritis; Lyrica, for epilepsy and Neuropathic Pain; and Viagra, for erectile dysfunction. Recent approvals include Sutent, for certain cancers; Chantix, for smoking cessation; and Exubera (inhalable insulin) for diabetes.
Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the health care and medical products industry based in Leverkusen, Germany. In 2005, the Bayer HealthCare subgroup generated sales amounting to some 9.4 billion Euros. Bayer HealthCare employed 33,800 people worldwide in 2005.
The company combines the global activities of the divisions Animal Health, Consumer Care, Diabetes Care, Diagnostics and Pharmaceuticals. Since January 1, 2006 the new Pharmaceutical Division consists of the former Biological Products and Pharmaceutical Division and now comprises three business units: Hematology/Cardiology, Oncology and Primary Care.
Bayer HealthCare's aim is to discover and manufacture products that will improve human and animal health worldwide. The products enhance well-being and quality of life by diagnosing, preventing and treating diseases.
Pfizer Disclosure Notice
The information contained in this release is as of June 14, 2006. Pfizer assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.
This release contains forward-looking information about an agreement by Pfizer to acquire the rights to various compounds from Bayer Pharmaceuticals Corporation as well as the potential benefits of such compounds. Such information involves substantial risks and uncertainties including, among other things, the uncertainties inherent in research and development activities; decisions by regulatory authorities regarding whether and when to approve any drug applications that may be filed for such compounds and their decisions regarding labeling and other matters that could affect the availability or commercial potential of such compounds; and competitive developments.
A further list and description of risks and uncertainties can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and in its reports on Form 10-Q and Form 8-K.
Bayer Disclosure Notice
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports file with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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