Pfizer to Buy NextWave Pharmaceuticals
Pfizer Inc. (NYSE: PFE) said today that it will acquire privately held NextWave Pharmaceuticals. NextWave is a specialty pharmaceutical company that focuses on the development and commercialization of products for the treatment of attention deficit/hyperactivity disorder (ADHD) and related central…
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The agreement includes recently FDA approved Quillivant XR, which is the first once-daily liquid ADHD treatment in the United States.
Pfizer previously entered into an option and merger agreement with NextWave and made an option payment of $20 million in the second quarter. Pfizer now is exercising its option to acquire NextWave. Under the terms of the agreement, Pfizer will make a payment to of $255 million to NextWave shareholders when the transaction closes. NextWave shareholders are eligible to receive additional payments of up to $425 million, based on certain sales milestones.
The transaction is expected to close during the fourth-quarter of 2012, subject to regulatory approval.
Analysts expect Pfizer to report lower per-share earnings and revenues when it shares it third-quarter results later this month.
Shares of Pfizer are down fractionally in premarket trading to $25.71. The 52-week range is 18.15 to $26.09 and the mean price target is $27.67.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
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