Pfizer to acquire Vicuron for $1.9bn

Pfizer is to buy Vicuron Pharmaceuticals to increase its opportunities in the anti-infectives market.

Vicuron is a biopharmaceutical company focused on the development of novel anti-infectives for both hospital-based and community-acquired infections. Pfizer will acquire all outstanding shares of Vicuron common stock at a price of $29.10 per share in cash, suggesting a purchase price of approximately $1.9bn.

Vicuron has two products currently under New Drug Application (NDA) review at the FDA: anidulafungin for fungal infections and dalbavancin for Gram-positive infections. Recently, Vicuron announced positive Phase III results on anidulafungin, demonstrating superiority versus fluconazole in invasive candidiasis/candidemia. Anidulafungin's potential product profile will include broad spectrum activity against aspergillus and most candidal fungal infections. It is anticipated the product will be indicated for once-daily dosing for up to a month.

Dalbavancin has shown positive results in Phase III studies in complicated skin and soft tissue infections and in a Phase II study in catheter-related bloodstream infections. The product has once-weekly dosing. Vicuron recently announced it has received a three-month extension to the priority review for the dalbavancin NDA. The FDA review is expected to be completed on or before September 21, 2005.

'By acquiring Vicuron, we can help bring two very important new medicines to patients around the world,' said Hank McKinnell, chairman and chief executive officer of Pfizer.

'This transaction builds on Pfizer's extensive experience in anti-infectives and demonstrates our commitment to strengthen and broaden our pharmaceutical business through strategic product acquisitions,' added McKinnell.

Pfizer already has an existing collaboration with Vicuron that has made significant advances in the discovery of potential next-generation oxazolidinones, the first new class of antibiotics in more than 30 years. These orally-active antibiotics are targeting to have improved potency and a broader spectrum of activity than existing classes of compounds. Several Vicuron compounds are currently being evaluated at Pfizer as potential clinical development candidates.

'We believe this transaction is in the best interests of our shareholders and will enable Vicuron's two near-term products to utilize Pfizer's capabilities in order to fully achieve their potential,' said George Horner III, president and chief executive officer of Vicuron. 'We are pleased to have a world leader in anti-infective medicines, with a long history of success in the area, introduce these product candidates into the market.'

Pfizer changed antifungal treatments in 1992 with the launch of Diflucan followed by the launch of Vfend, another important antifungal, in 2002. Pfizer believes anidulafungin will represent yet another significant advance in the treatment of serious fungal infections. This product candidate will be highly complementary to Vfend and will offer the health care provider with a range of products to more effectively treat patients faced with fungal infection.