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Neurogen inks Pfizer deal
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June 17, 1999: 8:24 a.m. ET
Biotech firm licenses drug discovery system to drug maker for $27M
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NEW YORK (CNNfn) - Biotech firm Neurogen Corp. said Thursday it has agreed to license its drug discovery technology to Pfizer Inc. for $27 million.
Neurogen, based in Branford, Conn., said the three-year, non-exclusive licensing arrangement is intended to spur Pfizer's drug discovery efforts. Neurogen said its Accelerated Intelligent Drug Discovery technology speeds up the scientific process of generating data on chemical compounds to two weeks, a process that otherwise can take several months.
"This collaboration with Pfizer validates our AIDD program's ability to produce rapid, high-quality discovery results as truly exceptional in the industry," Neurogen CEO Harry H. Penner Jr. said.
The company said it hopes to reach similar deals with other drug makers.
Neurogen and New York-based Pfizer already are working together to develop new drugs to treat depression, insomnia, Alzheimer's Disease, obesity and anxiety.
Neurogen stock closed down 1/16 at 12-9/16 Wednesday. Pfizer shares closed up 1-9/16 at 99-1/8. 
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