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Pfizer to Buy Privately Held Excaliard Pharma

From Associated Press (November 22, 2011)

NEW YORK -- Pfizer will buy privately held Excaliard Pharmaceuticals Inc., which is developing a treatment for skin scarring, the company said Tuesday. Terms of the deal were not disclosed.

Pfizer, based in New York, said Excaliard's lead product, labeled EXC 001, is in mid-stage testing and aims to reduce the severity of scaring, or skin fibrosis. Pfizer will make an upfront payment to Excaliard and then possible milestone payments.

Isis Pharmaceuticals Inc. is an equity owner in Excaliard and will receive a portion of Pfizer's payments.

Shares of Pfizer Inc, the world's largest drug maker, fell 6 cents to $18.90 in premarket trading.

Posted: November 2011