NEW YORK (AP) — Pfizer Inc., the world's largest drugmaker, said Friday it completed its acquisition of the privately held Excaliard Pharmaceuticals Inc., which is testing a treatment for skin scarring.
Pfizer, based in New York, said the deal terms were confidential, but it will pay an upfront sum and then possible milestone payments to Excaliard shareholders. That includes Isis Pharmaceuticals Inc., which is based in Carlsbad, Calif.
The deal had been announced last week.
Excaliard's lead product, labeled EXC 001, is in mid-stage testing and aims to reduce the severity of scarring, or skin fibrosis. Pfizer said there is currently no Food and Drug Administration-approved treatment for excessive skin scarring.
Pfizer shares rose 5 cents to $20.08 per share in premarket trading Friday.