Pfizer pays out $100M to complete fesoterodine buy from Schwarz

Global drugs giant Pfizer has completed its acquisition of the worldwide rights to German drugmaker Schwarz Pharma AG's new drug candidate fesoterodine following the expiration of the Hart-Scott-Rodino Antitrust waiting period, triggering an initial $100.0 million payment from Pfizer. A couple of months ago, the firms entered into a global license deal for the overactive bladder drug candidate (Marketletter April 24). Earlier this year, Schwarz submitted New Drug Applications for the agent with both the US Food and Drug Administration and the European Medicines Agency (EMEA). The companies noted that overactive bladder is a debilitating condition that affects 100 million people worldwide.