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Biogen to acquire Pfizer's schizophrenia drug candidate for $75M upfront

Cambridge, Mass.-based Biogen Inc. will acquire Pfizer Inc.'s schizophrenia drug candidate for $75 million upfront.

New York-based Pfizer will also be eligible for up to $515 million in development and commercialization milestone payments and tiered royalties on sales.

The candidate, dubbed PF-04958242, is a potential treatment for cognitive decline associated with schizophrenia.

The drug has been successful in early stage trials; Biogen intends to initiate a phase 2b trial in the second half.

The transaction, which is subject to customary closing conditions, is expected to close in the second quarter.