Pfizer acquires Therachon

Capturing a clinical-stage treatment for a rare form of dwarfism, Pfizer will pay up to $810 million to acquire Therachon, which is based in Basel, Switzerland. The biotech’s investors will get $340 million up front, with the remainder depending on the successful development of TA-46, a recombinant human fibroblast growth factor receptor 3 (FGFR3) decoy. The treatment has completed Phase I studies to treat children with achondroplasia, the most common genetic cause of short-limbed dwarfism. The deal does not include the short bowel syndrome treatment apraglutide, which Therachon will spin off into an independent company.