Pfizer acquires Bamboo Therapeutics

NEW YORK — In a move aimed at bolstering its position in the gene therapy field, Pfizer on Monday announced its acquisition of Bamboo Therapeutics. The Chapel Hill, N.C.-based company focuses on developing gene therapies for patients with rare diseases related to neuromuscular and central nervous system conditions. 

 

Pfizer gains Bamboo’s gene therapy expertise, as well as an advanced recombinant Adeno-associated virus (rAAV) vector design and production technology and a gene therapy manufacturing facility for Phase I/II materials. 

 

“We believe Bamboo’s industry leading capabilities in rAAV vector design and manufacturing complement Pfizer’s rare disease strategy and help advance Pfizer’s mission to deliver life-changing innovation to patients with the greatest needs,” Pfizer chief scientific officer, rare disease unit, Gregory LaRosa said. “Bringing together Pfizer and Bamboo colleagues’ deep scientific understanding of both rAAV biology and complex biologic manufacturing will help position us for success in this area. We are pleased to welcome Bamboo colleagues to Pfizer and look forward to working together on transformative gene therapies for patients in areas of high unmet medical need.”

 

Pfizer had already bought 22% of bamboo’s fully diluted equity in Q1 2016 for about $43 million. With this transaction, Pfizer paid $150 million up front for remaining equity, and Bamboo’s selling shareholders will be eligible for potential milestone payments of up to $495 million contingent on the progression of key assets through development, regulatory approval and commercialization. Bamboo is now a wholly-owned Pfizer subsidiary.