Pfizer purchases Angiosyn, deal to close in first quarterPfizer has entered an agreement to buy the bio-tech start up Angiosyn which is working on a drug to help ward off blindness.
Pfizer is expected to make a small payment for the La Jolla, Calif., company upfront followed by additional payments totaling up to $527 million. The deal was expected to close in the first quarter of 2005.
The acquisition marks Pfizer's second biotechnology acquisition in about a year. Pfizer purchased Esperion Therapeutics, a start-up company working on treatments for high cholesterol, early last year.