PFIZER TO BUY BIOTECH FIRM

PFIZER IS MOVING TO BOOST its leading position in heart disease therapies with the announcement that it will purchase Esperion Therapeutics for $1.3 billion. Esperion, a biopharmaceutical firm based in Ann Arbor, Mich., focuses on developing drugs that marshal the benefits of high-density lipoprotein (HDL), or good cholesterol, in the treatment of heart disease. Pfizer manufactures Lipitor, the market-leading statin for reducing low-density lipoprotein (LDL),or bad cholesterol, as a heart disease therapy. Industry analysts applaud the deal, saying drug pipeline synergies outweigh the fact that Pfizer will pay $35 per share, a 54% premium over Esperion's average closing share price over the 20 trading days prior to the announcement. According to an analysis by Credit Suisse First Boston, the acquisition may enable Pfizer to use Esperion's lead drug candidate, ETC-216, as an initial therapy to reduce arterial plaque in certain heart patients, followed by Lipitor/torcetrapib, a Pfizer drug combination in ...