Pfizer Inc. completed the acquisition of Switzerland-based Therachon AG, which would help the company bolster its rare disease product portfolio.
The New York-based pharmaceutical giant made an up-front payment of $340 million and will pay up to an additional $470 million if Therachon's drug candidate TA-46 meets certain development and commercialization milestones.
Therachon is developing TA-46 to treat children and adolescents with achondroplasia, a genetic condition and the most common form of short-limbed dwarfism. Currently, there is no approved treatment for this condition, which can result in serious cardiovascular, neurological and metabolic complications.
TA-46, which has completed a phase 1 trial, has received the orphan drug designation in the EU and the U.S.
Pfizer said in its July 1 press release that it believes it can effectively advance the development of TA-46, which has the potential to be a first-in-class therapy for treating achondroplasia.
Pfizer added that the transaction is not expected to impact the company's 2019 adjusted financial guidance.