Graceway Pharmaceuticals signs license agreement with Pfizer

7/6/2009

NEW YORK A Bristol, Tenn.-based drug maker plans to buy rights to three skin drugs from Pfizer under an acquisition and license agreement.

Graceway Pharmaceuticals, a portfolio company of Pfizer and GTCR Golder Rauner, said it would acquire from Pfizer worldwide commercial rights to three investigational skin drugs in development stages ranging from preclinical to mid-stage. The drugs include two in phase 2 trials that treat oily skin and acne and one in preclinical development meant to reduce surgical and traumatic scar formation. Financial terms of the deal were not specified.

“We are excited about the potential that these molecules represent,” Graceway chairman and CEO Jefferson Gregory said in a statement. “Their acquisition is evidence of Graceway’s ongoing commitment to the dermatology community by offering innovative medicines aimed at enhancing patient care.”

Pfizer said the agreement with Graceway was part of a program to out license research and development programs that it no longer considered core to its strategy.

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