Pfizer explores acquisition of Germany’s MediGene

Source: Healthcare Digital

Date :14/05/2008 04:41:56

Pfizer, the US drugmaker, is exploring the possibility of acquiring MediGene and has held talks with the management of the Munich based company.

According to Reuters, industry sources have said Pfizer is looking into expanding into the German biotechnology market. So far both companies have declined to comment.

Products

Shares in MediGene increased more than 12 percent to about €6.3 on Wednesday, valuing the group at €211 million.

The German firm has two products currently on the market and is expected to receive approval for skin drug Oracea in a few weeks. MediGene’s research centres on cancer, autoimmune diseases and skin diseases.

Its prostate cancer drug Eligard and genital warts treatment Veregen are both on the market. Endotag, the pancreatic cancer drug, is still in the pipeline but according to MediGene it could generate annual sales of more than one billion euros.

The German company sees sales potential for drugs in clinical development at over three billion euros. This is on top of annual sales of more than €100 million for Eligard, and over €150 million for Veregen.

May 14, 2008