Pfizer spinout completes financing deal
2 May 2008 00:00 in Pharmaceutical Company Restructures
Biopharmaceutical firm Esperion Therapeutics has completed its transition from research division to independent enterprise by completing its sale from parent company Pfizer to a syndicate of investors.
Under the agreement, Pfizer will retain an interest in the company but it will now act as a private company, financed by $22.75 million (11.46 million pounds) from a group of backers that includes Aisling Capital, Alta Partners and Domain Associates.
The deal will allow Esperion, which specialises in the discovery and development of compounds for the treatment of cardiovascular and metabolic conditions, to pursue its lead programme for the treatment of dyslipidemias. It will also conduct additional research into other potentially high density lipoprotein (HDL)-related therapeutics.
Esperion's co-founder, chief executive and president Dr Roger Newton said: "Re-establishing Esperion as a privately held entity ensures that the programs we have obtained will continue to advance as potentially important therapeutics."
Pfizer originally acquired Esperion Therapeutics in December 2003.
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