THE DEAL: Pfizer Inc., the world's largest drug company, on Monday agreed to buy NextWave Pharmaceuticals Inc. in a deal worth as much as $700 million.
THE TERMS: Earlier this year Pfizer paid $20 million for an option to buy NextWave. It is exercising that option and will pay $255 million when the deal closes. Pfizer also agreed to make up to $425 million in sales milestone payments.
THE PRODUCT: NextWave recently received marketing approval for Quillivant XR, a once-per-day liquid intended to treat attention deficit hyperactivity disorder. It plans to launch the drug in January.