Pfizer has entered into a definitive agreement to acquire Excaliard Pharmaceuticals, gaining access to EXC 001, a skin scarring treatment.

Co-developed by Excaliard and Isis Pharmaceuticals, EXC 001 is an antisense oligonucleotide that will hinder the process of fibrosis.

A Phase II study of EXC 001 demonstrated positive clinical results in reducing scar severity.

Following the acquisition, Pfizer intends to continue development of EXC 001.

Pfizer will provide Excaliard an upfront payment and contingent payments.

The transaction is likely to close by the end of this year.