NEW YORK (AP) — Pfizer Inc. said Wednesday it completed its acquisition of NextWave Pharmaceuticals Inc., which makes a liquid attention deficit hyperactivity disorder drug that will hit the market in January.
Pfizer, the world's largest drugmaker, said in October it would buy the privately held NextWave in a deal worth as much as $700 million.
It made a $20 million option payment to Cupertino, Calif.-based NextWave in the second quarter to establish a takeover agreement. Pfizer, based in New York, also said it would pay $255 million when the deal closes, and another $425 million based on sales milestones.
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