pfizer inc (PFZ) Snapshot

Elder Pharmaceuticals (BSE:532322) has reportedly mandated Ernst & Young and Nomura Securities to manage a formal process to find a buyer through a negotiated transaction. The company's advisors are currently doing a vendor due-diligence at the corporate office in Mumbai to review the business ahead of offering assets to a potential buyer, said two people close to the transaction. "Vendor due-diligence is on for the last two weeks. Some days, it goes on till late in the evening. It is done with the help of a virtual data room. A clearer picture of potential buyers will emerge in the next 15 days," one of the two people quoted above said. Alok Saxena, Managing Director, Elder Pharmaceuticals, said in an e-mail response: "These are just market rumours." According to Economic Times, Ernst & Young and Nomura did not answer specific queries on the subject. The promoters' move to sell the company has sparked interest from India's large pharma companies and multinationals as it helps them access three brands including popular calcium supplement Shelcal. Pharma multinationals such as Pfizer Inc. (NYSE:PFE); GlaxoSmithKline plc (LSE:GSK); and Sanofi (ENXTPA:SAN) and some Japanese companies are understood to be among the players that have evinced an initial interest. Some are in the process of appointing bankers ahead of signing non-disclosure agreements. According to Economic Times, Pfizer, Sanofi and GSK did not answer specific queries on the subject. The company is likely to be valued at INR 30 billion as promoters of Indian pharma companies recently cashed out at a valuation of three to four times of annual sales of their respective companies.

CytomX Therapeutics, Inc. announced that it has entered into a global strategic collaboration with Pfizer Inc. to develop and commercialize multiple Probody(TM)-Drug Conjugates (PDCs). CytomX's novel Probody Platform brings to the collaboration a proprietary, highly differentiated approach to developing safer and more effective antibody-drug conjugates (ADCs). PDCs are engineered to combine cytotoxic agents with masked Probodies that remain inert in healthy tissue but are activated specifically in the tumor microenvironment, opening up new target space for this emerging therapeutic class. Under the terms of the agreement, Pfizer has exclusive rights to pursue development and commercialization of select PDCs. The companies will work together on preclinical research and Pfizer will be responsible for development and potential commercialization of any selected PDCs. CytomX will be eligible to receive up-front, research reimbursement and preclinical milestone payments totaling approximately $25 million and approximately $610 million in regulatory and sales milestone payments, as well as tiered royalties reaching double digits on potential future sales.

A class action lawsuit alleges Pfizer's antidepressant drug Zoloft caused birth defects in numerous children. The lawsuit was filed by Melissa Victor, who alleges that her son died four hours following his birth as the result of her use of Zoloft throughout her pregnancy. The suit specifically claims Zoloft causes the development of septal heart defects-a hole in the heart-that can lead to severe and permanent damage and death. The lawsuit asserts claims for strict products liability for manufacturing and design defect and failure to warn, as well as claims for negligence and breach of express and implied warranties for the design, manufacture, production and testing of the drug.