Pfizer Acquires San Diego’s Amplyx Pharmaceuticals

Pfizer, the world’s largest pharmaceutical company, revealed on Wednesday that it had purchased Amplyx Pharmaceuticals, a San Diego biotech that develops therapies for microbes that cause havoc in people with weakened immune systems. In a press release, Pfizerr said that it will continue to evaluate Amplyx’s lead experimental drug, fosmanogepix, an antifungal drug currently in phase 2 clinical trials, as well as other earlier-stage therapies.

The financial terms of the transaction were not disclosed by the firm. Acquisitions are a common occurrence in the biotech industry, indicating that a small start-up has produced enough promising data to pique the interest of larger companies. Amplyx CEO Ciara Kennedy was proud and optimistic after the launch, though a little nostalgic for the business she has led since 2016.

She said, “It’s sort of like giving off your child to somebody else to take it to the next step. That comes with its own challenges of really stepping back and saying, ‘OK, this is the best thing for this product, and it will be the best thing for patients.’” Amplyx was considering an initial public offering (IPO) in May, rather than a merger. The pharmaceutical company had raised $90 million in funding and was considering going public in 2021.

One of the investors was Pfizer. According to Kennedy, this sparked a growing partnership, with Pfizer ultimately appointing an analyst to Amplyx’s Board of Directors and another Pfizer employee to the biotech’s scientific advisory board. The storey revolves around Amplyx’s efforts to develop therapies for microbes that are normally harmless but can be deadly to people with compromised immune systems.