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.
The Food and Drug Administration approved NextWave's drug, Quillivant XR in September. The once-per-day drug is expected to be in pharmacies in January. Pfizer now holds North American commercialization rights to Quillivant.
NextWave also is developing extended release chewable tablets using the same drug. It has an advanced-stage study of the tablets in process, and aims to submit the product for approval next year.
Pfizer shares fell 7 cents to $24.18 in morning trading Wednesday as the broader markets declined