Pfizer to Acquire FoldRx Pharmaceuticals

FoldRx Pharmaceuticals has agreed to be acquired by Pfizer, the pharmaceuticals giant. Specific financial terms were not disclosed, but Pfizer said it will make an upfront payment and contingent payments if certain milestones are achieved. Founded in 2004 and privately held, FoldRx is developing drugs for treating diseases caused by protein misfolding, which is considered an underlying cause in many chronic degenerative diseases.