Friday, May 6, 2011

Pfizer returns allergy drug to Rigel

Pfizer Inc. returned rights to an early-stage asthma drug to Rigel Pharmaceuticals Inc. — at least the third such move involving a Bay Area biopharmaceutical company in the past couple of weeks.
R-343, targeting allergic asthma, recently completed several Phase I trials, but South San Francisco’s Rigel (NASDAQ: RIGL) said Pfizer (NYSE: PFE) decided to return the drug is based on the giant drug maker’s decision to exit R&D for allergy and respiratory drug.

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