In the second quarter, Pfizer had paid $20m for an option to buy NextWave. Pfizer will pay a further $245m if the acquisition is approved and up to $425m in performance fees after Quillivant XR goes on sale in January.

Pfizer, a US-listed drugs company, has agreed to buy corporate venturing-backed NextWave Pharmaceuticals after its Quillivant XR treatment for hyperactivity was approved by America’s regulator.

In the second quarter, Pfizer had paid $20m for an option to buy NextWave. Pfizer will pay a further $245m if the acquisition is approved and up to $425m in performance fees after Quillivant XR goes on sale in January.

Investment bank Jefferies advised Pfizer, while Aquilo Partners acted for NextWave. Legal counsel for both sides came from Kaye Scholer and Ropes & Gray, and Cooley, respectively.

In January last year, NextWave raised $45m in its series C round from Fidelity Biosciences, the healthcare corporate venturing unit of mutual fund manager Fidelity, and venture capital firms Panorama Capital, Bay City Capital, Kearny Venture Partners, Aisling Capital, Sofinnova Ventures and Vivo Ventures.

In February 2007, NextWave raised $40.5m, according to its regulatory filing.