Clinical research jobs provider Pfizer is to acquire privately-owned Excaliard Pharmaceuticals as part of a newly signed definitive agreement.
The move, which is set to be finalised before the end of the year, will see the company continue the development of Excaliard's lead product EXC 001 to address unmet medical needs in patient groups suffering from excessive skin scarring.
With no FDA-approved products to reduce scar severity, Pfizer is aiming to turn the treatment into a transformative therapy in a space with limited available treatment options.
The pharmaceuticals giant is set to provide Excaliard with an upfront payment and contingent investment if milestones are achieved.
Jose Gutierrez-Ramos, Pfizer's vice-president of biotherapeutics, worldwide research and development, said: "The science behind Excaliard's lead compound aligns well with our research focus on new treatments for fibrosis and tissue remodeling."
The company recently unveiled the new location of its new cardiovascular, metabolic and endocrine diseases units in Massachusetts.