Pfizer Inc. (NYSE:PFE) on Monday announced that it has acquired Bamboo Therapeutics Inc., a privately held biotechnology company based in Chapel Hill in a deal worth up to $675 million.

Bamboo is focused on developing gene therapies for the potential treatment of patients with certain rare diseases related to neuromuscular conditions and those affecting the central nervous system.

This is the company’s latest of a string of acquisitions in the Triangle.

Pfizer previously acquired approximately 22 percent of Bamboo’s fully diluted equity during the first quarter of 2016 for a payment of approximately $43 million. Under the terms of this transaction, Pfizer acquired all of Bamboo’s remaining equity for an upfront payment of $150 million, and Bamboo’s selling shareholders will be eligible for potential milestone payments of up to $495 million contingent upon the progression of key assets through development, regulatory approval and commercialization.

Following the acquisition, Bamboo is now a wholly-owned subsidiary of Pfizer.

Pfizer said this acquisition significantly expands its expertise in gene therapy by providing Pfizer with a clinical and several pre-clinical assets that complement the company’s rare disease portfolio, an advanced recombinant Adeno-Associated Virus (rAAV) vector design and production technology, and a fully functional Phase I/II gene therapy manufacturing facility that Bamboo acquired from the University of North Carolina earlier this year.

Gene therapy is an emerging area of medical research focused on highly specialized, one-time, transformative treatments addressing the root cause of diseases caused by genetic mutation.

“The field of gene therapy research has made tremendous strides in recent years, and we are pleased to be able to further enhance our leadership position in this area through this transaction with Bamboo,” said Mikael Dolsten, president, Pfizer Worldwide Research & Development in a statement. “We believe that gene therapy may hold the promise of bringing true disease modification for patients suffering from devastating diseases, and we hope to see this promise come to fruition – through new and existing in-house capabilities and potential partnership opportunities – in the years to come.”

Bamboo’s approximately 11,000-square foot, fully staffed and operational manufacturing facility has experience producing Phase I/II materials using a superior suspension, cell-based production platform that increases scalability, efficiency and purity. This helps enable the DMD program and other projects requiring large amounts of rAAV. The facility, previously known as the University of North Carolina Vector Core facility, has served as a qualified supplier of rAAV vectors for several healthcare companies and academic institutions.

Jude Samulski, Chief Scientific Officer and Executive Chairman of Bamboo and a leading expert in the field of rAAV vectors with more than 25 years of experience, will be joining Pfizer. Dr. Samulski, together with the Bamboo team, will play a key role in helping to develop and accelerate Pfizer’s capabilities in gene therapy.

Earlier deals in NC include the buying of Weyth in 2009 (including a big plant in Sanford) and Triangle-based Icagen. Another deal led to the addition of a Triangle facility operated by King Pharmaceuticals.

Read more at https://wraltechwire.com/pfizer-which-has-steadily-grown-nc-footprint-over-last-5-years-is-buying-hospira/14427210/#GbzHD0lFPXmjVSBu.99