Pfizer to Buy California Biotech Company

Pfizer announced that it will buy CovX, a small privately held biotech company. The La Jolla-based company has already generated an early stage diabetes treatment and two early stage cancer drugs. The deal is expected to close in the first quarter in which financial terms should be closed.

Derek Lowe points out that Pfizer was a potential suitor for Biogen until Biogen took themselves out of play.

This potentially small acquisition isn’t enough to fuel the rumor mongers in the biotech stock sector but its sure going to at least light a spark. As Lowe points out, Biogen is not for buying…… For Now. Stay tuned in January.

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