US-based pharmaceutical firm Pfizer intends to set up a corporate venturing fund geared toward the neuroscience sector, Fierce Biotech reported on Sunday, citing a company statement.
Pfizer launched its core strategic investment subsidiary, Pfizer Venture Investments, in 2004 and provides about $50m per year for deals from the unit, which can commit up to $10m per company per round.
The as-yet unnamed fund is being set up as its parent company seeks to cut its internal spending on neuroscience research, which encompasses work on Alzheimer’s and Parkinson’s disease, getting rid of some 300 positions and several early-stage projects.
Pfizer said its overall research and development investment will stay the same, but that the savings will be transferred to “areas where we have strong scientific leadership and that will allow us to provide the greatest impact for patients”.