NEW YORK -
Drug developer Pfizer Inc. said Monday it will buy privately-held biotechnology company Serenex Inc. for an undisclosed amount.
Serenex has one drug candidate in early-stage studies, called SNX-5422, focusing on cancer. Its other compounds are in still in preclinical development and could help treat a range of conditions from cancer to inflammatory and neurodegenerative diseases, Pfizer (nyse: PFE - news - people ) said.
The buyout is expected to close in the second quarter.
Pfizer and several other large pharmaceutical companies have seen several blockbuster drugs lose patent protection recently, with the trend expected to continue. The company is attempting to rebuild its development pipeline and in August said it plans to triple its number of late-stage development products by 2009.
Shares of Pfizer fell 5 cents to $22.23 in morning trading.
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