Durham-based Serenex's technology to fight against cancer has caught the eye of Pfizer Inc., resulting in the smaller company's sale to the New York-based multinational corporation.
The agreement covers the company's lead compound, SNX-5422, which targets Heat Shock Protein. The protein regulates the behavior of other proteins. An oral-dose version of the compound is in Phase I trials for the potential treatment of solid tumors and hematological malignancies.
"We are pleased that our proprietary screening platform and product pipeline will become part of the superb scientific environment at Pfizer," said Richard Kent, M.D., president and chief executive officer of Serenex, Inc.
"We are confident that Pfizer has the vision and resources necessary to leverage these new assets in its continuing efforts to produce much-needed new medicines."
Pfizer has also acquired Serenex's drug discovery technology an its library of small molecules that inhibit the protein targeted by its lead drug. These molecules could treat other cancers, inflammatory diseases and neurodegenerative diseases.
SNX-1012, another compound in clinical development for the treatment of oral mucositis in cancer patients, is not included in the agreement.
The transaction is expected to close in the second quarter of 2008. Financial terms of the deal were not disclosed.