New Treatment Expected to Provide Additional Choice for Overactive Bladder
Patients
NEW YORK, April 13 /PRNewswire-FirstCall/ -- Pfizer Inc said today that
it has entered into an agreement with Schwarz Pharma AG under which Pfizer
will acquire exclusive worldwide rights to fesoterodine, a new drug
candidate for treatment for overactive bladder.
Earlier this year, Schwarz submitted new drug applications for
fesoterodine with both the US Food and Drug Administration and the European
Medicines Evaluation Agency (EMEA).
"Overactive bladder is a debilitating condition that affects up to 100
million people around the world," said Karen Katen, vice chairman of Pfizer
Inc and president, Pfizer Human Health. "We are excited about the potential
of this new medicine to offer patients and their doctors a new alternative
to existing therapies for managing the symptoms of overactive bladder."
Under the terms of the agreement, Pfizer will make an initial payment
of $100 million to Schwarz Pharma plus additional payments based on certain
milestones. Schwarz Pharma will also be entitled to royalties on sales of
both fesoterodine and Pfizer's Detrol product line for treatment of
overactive bladder. The agreement settles all existing and potential
fesoterodine patent litigation between the parties worldwide. The agreement
is subject to clearance by U.S. Federal Trade Commission.
Pfizer is a leader in the field of urology with significant experience
in meeting the needs of patients with overactive bladder. The company's
once daily medicine Detrol LA helps control involuntary bladder
contractions and reduce symptoms of urgency with or without frequency and
incontinence. Since its introduction in 2001, Detrol LA has been prescribed
for more than 11 million patients worldwide.
PFIZER DISCLOSURE NOTICE: The information contained in this document is
as of April 13, 2006. Pfizer assumes no obligation to update any
forward-looking statements contained in this document as a result of new
information or future events or developments.
This release contains forward-looking information about an agreement by
Pfizer to acquire the rights to a drug candidate that is under review by
the United States Food and Drug Administration (FDA) and the European
Medicines Evaluation Agency (EMEA) as well as the potential efficacy of
such drug candidate. Such information involves substantial risks and
uncertainties including, among other things, obtaining clearance of the
agreement by the United States Federal Trade Commission; whether and when
the FDA and the EMEA will approve the drug candidate and their decisions
regarding labeling and other matters that could affect its availability or
commercial potential; and competitive developments.
A further list and description of risks and uncertainties can be found
in the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2005, and in its reports on Form 10-Q and Form 8-K.
SOURCE Pfizer Inc
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CONTACT:
Paul Fitzhenry, +1-212-733-4637 for Pfizer
Inc
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