Biogen Inc. BIIB, +0.75% said Monday it will buy from Pfizer Inc. PFE, +1.54% a potential treatment for behavioral and neurological symptoms, as a potential treatment for Alzheimer’s and Parkinson’s, for an upfront payment of $75 million and up to $635 million in potential milestone payments. The asset is a novel CNS-penetrant small molecule inhibitor of casein kinase 1 (CK1), for use across various pychiatric and neurological diseases. Biogen plans to develop the asset for the treatment of Sundowning in Alzheimer’s disease (AD) and Irregular Sleep Wake Rhythm Disorder (ISWRD) in Parkinson’s disease. “Many patients with Alzheimer’s and Parkinson’s suffer from debilitating sleep disorders and agitation, and we believe that the regulation of the circadian rhythm may hold promise in addressing these challenging behavioral and neurological symptoms,” said Alfred Sandrock, chief medical officer at Biogen. Pfizer’s stock rose 0.5% in premarket trading while Biogen shares fell 0.9%. Over the past three months, Pfizer’s stock has gained 9.4% and Biogen shares have soared 32.8%, while the Dow Jones Industrial Average DJIA, -0.46% has advanced 7.5%.
Biogen to buy from Pfizer an asset to develop into potential Alzheimer's, Parkinson's treatments
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