Biogen Purchases Schizophrenia Drug in Development at Pfizer

Biogen in March announced it has purchased from Pfizer a drug in development to treat cognitive impairment associated with schizophrenia.

Biogen has agreed to pay $75 million up front for the drug, an AMPA receptor modulator known as PF-04958242. Pfizer will receive additional capital and royalties should this drug receive FDA approval and go to market.

Pfizer had completed phase 1 safety studies with PF-04958242 prior to the sale. Once the deal is finalized, Biogen said it plans to move the medication in to phase 2 safety and efficacy studies. ■