Wyeth Pharmaceuticals, a division of Wyeth has acquired Thiakis Limited, a privately held biotechnology company based in the United Kingdom.

Under the terms of the transaction, Wyeth has bought Thiakis for approximately $30 million.

However, an additional payments of up to approximately $120 million would be payable upon the achievement of certain development milestones.

Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. Apart from Wyeth Pharmaceuticals, the company's major divisions include Wyeth Consumer Healthcare and Fort Dodge Animal Health.

Thiakis' lead product candidate, TKS1225, is being studied for the treatment of medical obesity and other co-morbidities. TKS1225 and related compounds are synthetic versions of the natural gastrointestinal peptide oxyntomodulin.