Drug giant Pfizer Inc., with research operations in Groton, said Wednesday it will buy privately held FoldRx Pharmaceuticals Inc. of Cambridge, Mass., for an undisclosed amount, expanding its pipeline of potential products.
FoldRx is developing potential treatments for diseases caused by protein misfolding, which is increasingly recognized as an underlying cause in many chronic degenerative diseases. The lead product candidate is tafamidis meglumine, aimed at treating TTR amyloid polyneuropathy, a progressively fatal genetic neurodegenerative disease.
Liver transplants are currently the only treatment option.
New York-based Pfizer said it will pay an upfront fee and future payments based on milestones. The deal is expected to close later this year.
Pfizer’s financial adviser for the transaction was Jefferies & Co., while Ropes & Gray LLP was its legal adviser.
At 11 a.m., Pfizer was up 41 cents, or 2.6 percent, at $16.32.
