Pfizer buys CovX to bulk biologics pipeline
pockets to buy CovX, a privately-held US biotech that specialises
in combining the strengths of peptides and antibodies into new
drugs.
Once the transaction is completed (expected early next year), CovX will operate as a division of Pfizer's new Biotherapeutic and Bioinnovation Center, based in La Jolla, California. "CovX scientists will remain in place, which reflects our decision to partner differently and maximize the productivity of the research initiatives underway outside of our walls," said Dr Cory Goodman, president of the new centre. Nevertheless, the deal is still a merger and will provide Pfizer with a welcome boost to its pipeline. "We are looking for the best science wherever we can find it, with a special focus in our priority areas, such as biotherapeutics," explained Pfizer CEO Jeffrey Kindler. CovX's biotherapeutic platform is a technology that links therapeutic peptides to an antibody 'scaffold'. The peptide targets the disease while the antibody scaffold allows the peptide to remain in the body long enough to achieve therapeutic benefit. This allows the peptide to be used in lower doses than normal. The biotech firm has used this approach to generate three early-stage compounds, one for diabetes and two for cancer. Their most advanced drug candidate is CVX-045, which began Phase I trials in cancer patients back in February 2007. The compound is a fusion protein composed of two peptides bound to CovX's unique antibody scaffold via a linker. The peptides mimic the effects of Thrombospondin-1 (TSP-1), which is a negative regulator of blood vessel growth. By slowing down angiogenesis (blood vessel growth), it is hoped CVX-045 could starve a tumour of oxygen and nutrients and therefore slow down its growth. This is the same approach as Genentech and Roche's antibody drug Avastin (bevacizumab), which targets Vascular Epidermal Growth Factor (VEGF) to block angiogenesis. CovX's second potential cancer drug is CVX-060, which binds to Angiopoietin-2 (Ang2) and also stalls angiogenesis. A Phase I trial of this drug was approved in October. The firm's diabetes drug is called CVX-096 and follows preclinical work on Glucagon-like peptide 1 (GLP-1) and exendin peptides. A Phase I trial is expected in the second half of 2008. Coley acquisition cleared Pfizer also announced yesterday that it had cleared antitrust review in connection with its offer to purchase all of the outstanding shares of common stock of Coley Pharmaceutical Group. As reported in DrugResearcher.com last month, Pfizer and Coley had been partners for several years before a failed clinical trial set Coley's drug development funding back several years. In June 2007, Pfizer discontinued trials of its partner's lung cancer drug PF-3512676, after it was found to offer no additional clinical efficacy over standard treatment. The drug targeted toll like receptor 9 (TLR-9) in the hope of boosting the immune system's response to tumours. However, the pharma heavyweight clearly had faith in Coley's approach to drug design and stepped in to save the day with an $8 per share, $164m acquisition bid. Coley duly accepted and having now been given the green light by antitrust legislators, the merger seems set to go ahead.
