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Pfizer Buys $50M Stake in Perlegen; 12-Percent Ownership Could Grow If IPO Launched

NEW YORK, Dec. 27 (GenomeWeb News) - Pharmaceutical giant Pfizer invested $50 million in Perlegen Sciences, the private biotechnology company disclosed today.


The equity investment, in the form of preferred stock, gives Pfizer 12-percent ownership in the company.


If Perlegen executes an initial public offering in 2006, Pfizer has agreed to purchase up to an additional $25 million worth of stock in the company, Perlegen said.


The investment follows their first research collaboration, begun in December 2002, when Pfizer used Perlegen's DNA sample preparation, high-resolution SNP genotyping, and data-analysis capabilities.


Affymetrix, Maverick Capital, CSK Ventures, and Eli Lilly have stakes in Perlegen.