Pfizer to Acquire FoldRx Pharmaceuticals

linical candidates. Its screening engine is rapid and efficient in evaluating potential treatment candidates in a wide range of diseases caused by misfolded proteins. Using this screening engine, FoldRx is also actively engaged in an innovative early drug discovery program to identify therapeutic agents for cystic fibrosis, Parkinson's disease and Huntington's disease.

While specific financial terms were not disclosed, Pfizer will make an upfront payment and contingent payments if certain milestones are achieved. The closing of the transaction is subject to regulatory approval in the United States and is expected to occur later this year.

Pfizer's financial advisor for the transaction was Jefferies & Company, Inc., while Ropes & Gray LLP was its legal advisor. Goldman Sachs & Co. served as FoldRx's financial advisor, while Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C., served as its legal advisor.

About Transthyretin Amyloidosis (ATTR-PN)

Transthyretin (TTR) is an amyloidogenic protein secreted by the liver. Mutations in the TTR gene have been linked to several amyloid conditions. Deposition of TTR amyloid in the peripheral nerve tissue results in transthyretin amyloid polyneuropathy (ATTR-PN), a sensory, motor and autonomic polyneuropathy. The disease usually begins in the third or fourth decade with symptoms of peripheral and/or autonomic neuropathy that inexorably progress to involve muscle strength with loss of ambulation. The patient commonly experiences a profoundly diminished quality of life with a markedly reduced life expectancy (approximately 10 years from first symptom). Liver transplantation is the only accepted treatment, but it is not uniformly effective, and is associated with significant mortality. It is estimated that ATTR-PN affects at least 8,000 patients worldwide, the majority of whom are in the European Union.

About tafamidis

Tafamidis is a new chemical entity, first-in-class, oral, disease-modifying agent that stabilizes the protein transthyretin (TTR) and prevents dissociation of the tetramer, the rate-limiting step in TTR amyloidosis. Tafamidis has orphan drug designation for ATTR-PN in both the U.S. and European Union (EU) and Fast Track designation in the U.S. FoldRx completed a 128 patient, international, multicenter Phase II/III clinical study of tafamidis for the treatment of ATTR-PN along with additional Phase 2 and 3 trials.