Pfizer buying BioRexis Pharmaceutical

Pfizer buying BioRexis Pharmaceutical

Pfizer buying BioRexis Pharmaceutical

Drug developer Pfizer Inc. said Thursday it is buying privately held BioRexis Pharmaceutical Corp. for an undisclosed amount.

BioRexis is developing several treatments for diabetes. The technology being used to develop those treatments uses protein engineering and could have the potential to improve drug tolerability and reduce dosing frequency, Pfizer said.

Shares of Pfizer rose 35 cents to $26.59 on the New York Stock Exchange in morning trading.

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