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Pfizer pays $135M to ease Exubera pain
Exubera fallout alert: Pfizer has reached a deal with its partner on the drug, Nektar Therapeutics. The drug giant will pay Nektar $135 million for its trouble. And if Nektar finds a new partner to help it develop the inhaled insulin product, Pfizer will hand over all its rights to the new venture.
Meanwhile, Consort Medical, which made plastic applicators for the product, is shutting a plant and laying off 165. The manufacturing facility, located in Milton Keynes, England, will be sold.
You'll recall that Pfizer took a $2.8 billion charge against earnings in the third quarter to pay for pulling the plug on the once-so-promising Exubera.
- check out Pfizer's release
- see this report on Nektar from CNN Money
- read about Consort's consolidation in Plastics & Rubber Weekly
Related Articles:
Pfizer kills off Exubera, hunts for deals. Report
Exubera becoming a big disappointment for Pfizer. Report
UK: Exubera not worth the price. Report
FDA approves Pfizer's inhaled insulin. Report
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