Swiss biotechnology company Therachon Holdings has entered into an agreement to be purchased by New York-based biopharmaceutical company Pfizer for up to $810 million.
Under the pact, Pfizer will pay $340 million upfront to buy Therachon, and up to an additional $470 million tied to achieving development and commercialization milestones for TA-46.
Pfizer said in a statement the deal will leverage its leading scientific and development capabilities to more rapidly advance this potentially promising therapy for patients with achondroplasia.
Recently, Pfizer, which in 2019 booked $11.15 billion in revenue, received the U.S. green light for $225,000 a year heart drug.