NEW YORK (AP) — Pfizer said Monday it will buy NextWave Pharmaceuticals Inc., a company that makes a liquid attention deficit hyperactivity disorder drug, in a deal worth as much as $700 million.
The Food and Drug Administration approved NextWave's drug Quillivant XR in September, and the once-per-day drug is expected to be in pharmacies in January.
Pfizer made a $20 million option payment to Cupertino, Calif.-based NextWave in the second quarter to establish a merger agreement. The company will pay $255 million when the deal closes, and agreed to pay NextWave another $425 million based on sales milestones.
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