US-based pharmaceutical firm Pfizer yesterday pledged to invest up to $500m in biotech companies while also providing expertise, through a scheme dubbed Pfizer Breakthrough Growth Initiative.
Pfizer intends to acquire minority stakes in publicly listed companies with small to medium-sized market caps that are developing internal medicine, inflammation, immunology cancer and rare disease drugs, vaccines and hospital-related products, that are at the clinical stage.
The company is already an active investor in the healthcare venture capital space, both off its own balance sheet and through Pfizer Ventures, the corporate venture capital subsidiary it established in 2004.
Recent investments by Pfizer include its participation in a $100m round closed by oncology drug developer Reflexion Medical in March and a $90m series C round completed by anti-infective therapy developer Amplyx Pharmaceuticals last month.
Pfizer’s last exit was in a $75.2m initial public offering by haemoglobinopathy medicine developer Imara in March.
John Young, chief business officer at Pfizer, said: “There has never been a more important moment to pursue new collaborations in our industry.
“The Pfizer Breakthrough Growth Initiative seeks to do just this by injecting crucial capital into biotechnology companies that share our commitment to delivering transformative therapies for patients.”
