Pfizer Inc.(NYSE:PFE) has said that it will buy NextWave Pharma Inc., the value of the deal being more than $700 million. NextWave is a company which produces a liquid attention deficit hyperactivity disorder drug (ADHD). The U.S. Food and Drug Administration has already approved the drug, Quillivant XR in September.
Pfizer had made a $20 million option payment to the California based company in the second quarter, and will pay $255 million when the deal closes. It has also agreed to pay $425 million based on sales milestones.
Around 9.5 percent of children have been diagnosed with ADHD at some point of the other. This condition also affects 4 percent of the adult population.
The shares of Pfizer declined 1.20% to $25.45.
Nielsen Hldg NV(NYSE:NLSN) has declared its results for the third quarter. Its net income is up by 3 percent thanks to increasing demand for the company’s data tracking, reduction in its interest expenditure and the company’s cost cutting attempts. The company which provides data and insight into the buying patterns of global consumers earned $105 million, which works out to 29 cents a share. It had made a net profit of $102 million or 28 cents a share in the corresponding quarter last year.
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If certain onetime items are excluded, the company’s earnings are 53 cents a share, compared to analysts’ estimates of 50 cents a share.
Revenue of the company which is headquartered in New York and the Netherlands increased 1 percent to $1.42 billion from $1.41 billion. Analysts had expected revenue of $1.44 billion. Fluctuations in foreign exchange rates had some adverse effect on the revenue.
The stock slumped 8% to $29 at mid day session.