Pfizer to buy skin scarring drugmaker Excaliard Pharmaceuticals

Pfizer Inc, the world's largest drugmaker, yesterday agreed to acquire privately-owned biopharmaceutical company Excaliard Pharmaceuticals Inc., a developer of drugs that treat skin scarring.

While specific financial terms were not disclosed, Pfizer said that it will make an an upfront payment and contingent payments if certain milestones are achieved.

Isis Pharmaceuticals, an equity owner of Excaliard, said that it is selling its stake for as much as $14 million. Isis will receive $4.4 million after the sale closes. Pfizer could pay an additional $9.6 million in milestone payments.

Isis has granted Excaliard an exclusive worldwide license agreement for the development and commercialiSation of certain antisense drugs, including EXC 001.

Founded in 2007 and based in Carlsbad, California, Excaliard is a biotechnology company focused on the development and commercialisation of novel and innovative drugs for the amelioration of skin scarring and other fibrotic disorders.

Excaliard is funded by Rivervest Venture Partners, Alta Partners, Proquest Investments and Isis.