Pfizer to purchase Rinat Neuroscience

US drug giant Pfizer says it has entered into an agreement to acquire San Francisco-based Rinat Neuroscience, a specialist developer of therapeutic proteins for diseases of the central nervous system.

Rinat was established in 2001 as a spin-out company from US drugmaker Genentech, when the latter granted it broad licenses to key developmental neuroscience assets. Currently, the firm has four programs in late preclinical and clinical development. These are: RN624, which is in Phase II trials as a treatment for chronic pain; RN1219, a humanized monoclonal antibody which is being developed as a potential treatment for Alzheimer's disease; RN307, which is in late-stage preclinical testing as a prophylactic treatment for migraine; and RN1026, which is being examined for use in the treatment of metabolic disorders.

Pfizer, which has a strong portfolio of neuroscience products for the treatment of a diverse range of conditions, has made significant external and internal investments in the field aiming to build on its small-molecule expertise. The acquisition is expected to complete by the middle of this year. Full financial details were not made public.