Biogen Buys Azheimer's and Parkinson's Drug From Pfizer

Biogen (NASDAQ: BIIB) announced it has reached an agreement with Pfizer (NYSE: PFE) to buy a drug in early development that is designed to treat debilitating symptoms related to the disruption of daily rhythms in patients with Alzheimer's and Parkinson's disease. The pipeline drug, PF-05251749, is for the treatment of Sundowning, a condition affecting 20% of Alzheimer's patients that causes confusion and anxiety late in the day, and Irregular Sleep Wake Rhythm Disorder, which causes fragmented nighttime sleep in Parkinson's sufferers.

Biogen will pay $75 million up front for rights to the drug, up to $635 million in additional milestone payments as it develops and commercializes it, and tiered royalties on sales from high single digits to the low teens.

Image source: Getty Images.

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Source Fool.com