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Covington Advises Pfizer on Acquisition of Serenex

3/3/2008

NEW YORK, NY, March 3, 2008 — Pfizer Inc. announced today that it has entered into an agreement to acquire Serenex Inc., a privately held biotechnology company. Covington & Burling LLP advised Pfizer on the transaction.

Pfizer, the world’s largest research-based biomedical and pharmaceutical company, discovers and develops innovative medicines to treat and help prevent disease for both people and animals. Serenex has a Phase I clinical candidate and an extensive compound library that targets Heat Shock Protein 90 (Hsp90), an exciting target in the fight against cancer.

Under the agreement, Pfizer will acquire the rights to SNX-5422, an oral Hsp90 inhibitor currently in Phase I trials for the potential treatment of solid tumors and hematological malignancies. Pfizer will also acquire Serenex’s proprietary drug discovery technology and extensive small molecule Hsp90 inhibitor compound library. Compounds from this library have potential uses in treating deadly and debilitating diseases, such as cancer, inflammatory and neurodegenerative diseases. SNX-1012, another compound in clinical development for the treatment of oral mucositis in cancer patients, is not being acquired by Pfizer.

The Covington corporate team was led by New York-based partner Peter Schwartz and included associates Andrew Hyman, Amanda Raboy and Amanda Weiss*. The Covington team also included partner Michael Francese and associates Kendra Roberson and Austen Novak* (employee benefits), partner Lee Tiedrich and of counsel Kathleen Gallagher-Duff (intellectual property), partner Corinne Goldstein (environmental), and associate Scott Cunningham (life sciences), all based in the firm’s Washington office.

*Not yet admitted to practice.

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