Pharmaceutical firm Pfizer yesterday revealed it was planning to invest $600m into biotech and other emerging technologies through newly formed corporate venturing division Pfizer Ventures.
Early-stage neuroscience companies will be a key focus, with approximately $150m allocated to such startups. Initial areas of interest will include neuro-degeneration, neuro-inflammation and neuro-metabolic disorders.
The $600m comes as part of a restructuring effort that combines Pfizer Venture Investments, the company’s existing corporate venturing arm, with research and development equity investment vehicle R&D Innovate.
Pfizer Venture Investments, founded in 2004, has grown to a portfolio of more than 40 companies. It has invested approximately $500m to date, bringing the size of Pfizer’s corporate venturing efforts to more than $1bn.
Pfizer Ventures already has six neuroscience-focused startups in its portfolio – Aquinnah, Autifony, Cortexyme, MindImmune, Mission Therapeutics and Neuronetics – and is one of several healthcare corporates to have backed the $190m Dementia Discovery Fund in 2015.
The unit will continue to invest in areas that are of strategic interest to its parent, including oncology, inflammation, immunology, rare disease, internal medicine and vaccines, as well as in companies working on novel approaches to drug discovery, development and manufacturing.
As part of the restructuring and larger fund size, Pfizer Ventures has added existing Pfizer executives Denis Patrick, Laszlo Kiss, Margi McLoughlin, Chris O’Donnell and Nikola Trbovic to its team, which will continue to be led by senior managing partner Barbara Dalton.
Dalton said: “By expanding Pfizer’s venture capital efforts under Pfizer Ventures, we hope to extend both the breadth and depth of Pfizer’s support for the development of cutting-edge science from concept to products.
“Building on our existing investments and proven track-record, we will look to identify and invest in emerging companies that are advancing compounds and technologies with the hope of delivering life-changing therapies to patients in need.”