Pfizer entered three more agreements with biotechnology companies as it hunts for the next medicine capable of reaching $1 billion in annual sales.
New York-based Pfizer reached licensing accords with Archemix Corp., BaroFold Inc. and Mirus Bio Corp., closely held companies that will work on early-stage drug development, according to statements released today by Arechemix, BaroFold and Mirus.
The value and terms of the agreements weren't disclosed.
Pfizer now has entered at least six research and development partnerships since saying in November it would spur efforts to acquire technology.
The company needs new products, as it may lose revenue in the next five years from drugs that brought in almost half of its $51 billion in 2005 revenue, analysts say.
More at Bloomberg
Insider's view: watch out for more big news before the month is out!
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