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Graceway buys 3 Pfizer skin drug candidates
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NEW YORK - Graceway Pharmaceuticals LLC said Thursday it agreed to buy two potential acne treatments and an anti-scarring drug candidate from Pfizer Inc.
The companies did not disclose terms of the sale.
Graceway said the two treatments for oily skin and acne are being tested on humans, with one in early stage trials and the other in mid stage trials. The third drug candidate is intended to reduce scarring from surgery, and is in preclinical development.
Pfizer will perform development and clinical service activities for the three drugs. The New York company said it did not see the drugs as key assets.
Bristol, Tenn.-based Graceway is a unit of GTCR Golder Rauner LLC.
In morning trading, Pfizer stock slid 36 cents, or 2.4 percent, to $14.54.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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