Drugs giant Pfizer extends oncology pipeline with acquisition of Serenex

In a second acquisition in the past two weeks, pharmaceutical behemoth Pfizer says that it has entered into an agreement to acquire Serenex, a privately-held biotechnology company with a Phase I clinical candidate and an extensive compound library that targets heat shock protein 90 (Hsp90), which the drug major says is an exciting target in the fight against cancer.

Under the terms of the deal, Pfizer will acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in Phase I trials for the potential treatment of solid tumors and hematological malignancies. It will also gain Durham, North Carolina-based Serenex' proprietary drug discovery technology and extensive small molecule Hsp90 inhibitor library of compounds, which have potential uses in treating deadly and debilitating diseases, such as cancer, inflammatory 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.