Shire buys bowel disease drug rights from Pfizer

Shire has agreed to buy the rights to an experimental drug aimed at treating inflammatory bowel disease (IBD) from Pfizer.

The PF-00547659 drug has been evaluated in over 700 patients in Phase 1 and 2 trials and Phase 3 trials are expected to begin after consultation with global health authorities.

Howard Mayer, head of clinical development at Shire, said: “This licensing transaction fits with Shire’s commitment to advancing research and development in select specialty areas, including areas of unmet patient need for gastrointestinal conditions such as IBD.

“We look forward to continuing the development of PF-00547659, a unique and differentiated biologic that will benefit from our experience in IBD and across the gastrointestinal space.”

IBD includes ulcerative colitis and Crohn’s disease, which are serious, chronic diseases characterised by inflammation of the intestine. Symptoms include abdominal pain, severe diarrhoea, rectal bleeding, fatigue, and weight loss, and can be debilitating.

At 1330 BST, Shire shares were down 1.1% to 4,043p.