Pfizer Inc said has completed the acquisition of worldwide rights to the new drug candidate fesoterodine from Schwarz Pharma AG following the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Pfizer and Schwarz Pharma entered into a global license agreement in April for Pfizer to acquire exclusive worldwide rights to fesoterodine, a new drug candidate for treatment for overactive bladder. Earlier this year, Schwarz Pharma submitted new drug applications for fesoterodine with both the US Food and Drug Administration and the European Medicines Evaluation Agency (EMEA).

Overactive bladder is a debilitating condition that affects up to 100 million people around the world. Fesoterodine is expected to provide additional choice for managing the symptoms of overactive bladder.

In conjunction with Hart-Scott-Rodino clearance, Pfizer will make an initial payment of $100 million to Schwarz Pharma.