Pfizer completes acquisition of NextWave Pharmaceuticals

Pfizer has completed its acquisition on NextWave Pharmaceuticals, with the deal including the recently approved ADHD treatment Quillivant XR.

Healthcare giant Pfizer has completed its acquisition of NextWave Pharmaceuticals, a privately held specialty pharmaceutical company that recently obtained US approval for its ADHD treatment Quillivant XR (methylphenidate hydrochloride).

Following the closing of the transaction, Pfizer now holds exclusive commercialisation rights to the therapy in North America.

It is expected to be available in US pharmacies in January 2013 and will be the first approved once-daily liquid ADHD medication.

Pfizer has made a payment of $255 million to NextWave shareholders, who are also eligible for additional milestone payments of up to $425 million.

The company had previously made an option payment of $20 million after entering into an option and merger agreement with NextWave earlier in 2012.

Jay Shepard, president and chief executive officer of NextWave, said he was "excited" to partner with Pfizer.
Albert Bourla, president and general manager of Pfizer's established products business unit, commented: "By combining the advantages of Quillivant XR with Pfizer's commercialisation expertise, we will be able to provide ADHD patients and their caregivers a new treatment option."