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Graceway Pharmaceuticals Acquires Early-stage Dermatological Molecules from Pfizer

Wednesday, July 1, 2009 - 7:38am
EDT

NEW YORK--(BUSINESS WIRE)--Graceway Pharmaceuticals, LLC, a portfolio company of GTCR Golder Rauner, LLC, and Pfizer Inc. (NYSE: PFE) today announced that they have entered into an Acquisition and License Agreement by which Graceway will acquire the worldwide commercial rights for three investigational dermatological molecules from Pfizer and the related transferred or licensed intellectual properties.

“We are excited about the potential that these molecules present. Their acquisition is evidence of Graceway’s ongoing commitment to the dermatology community by offering innovative medicines aimed at enhancing patient care,” stated Jefferson J. Gregory, Chairman and CEO of Graceway.

Graceway will acquire two molecules that target the treatment of oily skin and acne – an early stage Stearoyl CoA Desaturase 1 (SCD1) Inhibitor and a Cholesterol-Acyltransferase (ACAT) Inhibitor, currently in Phase 2 of development. This ACAT Inhibitor offers a new mechanism of action to address these common conditions and is understood to work by reducing skin surface sebum production. In addition, Graceway will acquire an Activin-Like Kinase 5 (ALK-5) Inhibitor, currently in early pre-clinical development. The ALK-5 Inhibitor is a promising agent for the reduction of surgical and traumatic scar formation.

Concurrent with the Acquisition and License Agreement, the parties also executed a Master Services and Supply Agreement under which Pfizer has agreed to perform developmental and clinical services for these three molecules. Terms of the transaction were not disclosed.

“We are extremely pleased about this agreement with Graceway as part of Pfizer’s plan to out license R&D programs that are no longer core to its strategy but could become important medicines for patients,” said David K. Rosen, Head of Out Licensing for Pfizer. “This agreement is yet another testament to Pfizer’s commitment to create value for patients, physicians and shareholders.”

Pfizer was advised by Burrill LLC.

About Graceway Pharmaceuticals, LLC

Graceway Pharmaceuticals, LLC ("Graceway"), headquartered in Bristol, TN, is a pharmaceutical company focused on acquiring, in-licensing, and developing branded prescription pharmaceutical products. Current prescription products marketed by Graceway include ALDARA® (imiquimod) Cream, 5%, Maxair® Autohaler® (pirbuterol acetate inhalation aerosol), Atopiclair® Nonsteroidal Cream, and Estrasorb® (estradiol topical emulsion). ALDARA®, Maxair®, Autohaler®, Atopiclair®, and Estrasorb® are trademarks owned by or licensed to Graceway. For more information on Graceway's products, including important safety information, please visit www.gracewaypharma.com.

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner, LLC (“GTCR”) is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executive to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR may be found at www.gtcr.com.

Pfizer Inc: Working together for a healthier world™

Founded in 1849, Pfizer is the world’s premier biopharmaceutical company taking new approaches to better health. We discover, develop, manufacture and deliver quality, safe and effective prescription medicines to treat and help prevent disease for both people and animals. We also partner with healthcare providers, governments and local communities around the world to expand access to our medicines and to provide better quality health care and health system support. At Pfizer, more than 80,000 colleagues in more than 90 countries work every day to help people stay happier and healthier longer and to reduce the human and economic burden of disease worldwide.

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Pfizer Inc.
Samantha Cummis, 212-733-6924
or
Graceway Pharmaceuticals, LLC
John Bellamy, 423-274-2100
Executive Vice President & General Counsel