SpringWorks Therapeutics, a US-based drug developer focused on currently incurable diseases, launched yesterday with $103m in series A funding from a consortium that featured pharmaceutical firm Pfizer.
The round also included medical research charity LifeArc as well as investment firm Orbimed and private equity firm Bain Capital, which took part through its Life Sciences fund and its impact investment arm, Double Impact.
SpringWorks Therapeutics was spun out from Pfizer to develop investigational treatments for patients who are currently underserved and suffering from incurable conditions.
Pfizer has licensed four clinical-stage therapies to SpringWorks, for diseases including desmoid tumours, which grow at rapid rates or which are located near vital organs, and neurofibromatosis, which causes tumours to grow on nerves.
The other two treatments target hereditary xerocytosis, a genetic disorder that causes the dehydration of red blood cells and leads to conditions such as anaemia and jaundice, and post-traumatic stress disorder, a chronic condition that affects people who have suffered traumatic events.
SpringWorks is expected to partner other life sciences companies and academic institutions to further expand its pipeline in future. The company was founded by Lara Sullivan, a former vice-president at Pfizer, who now acts as president of SpringWorks.
Freda Lewis-Hall, executive vice-president and chief medical officer of Pfizer, has been appointed to SpringWorks’ board of directors, as have Orbimed partner Carl Gordon, LifeArc trustee Peter Keen, Deval Patrick from Bain Capital Double Impact and Jeffrey Schwarz of Bain Capital Life Sciences.
Lewis-Hall said: “Pfizer sees SpringWorks Therapeutics as a groundbreaking new model for collaboration to deliver on the promise of medical research and development, so that more people have the potential to overcome disease.
“We hope that our investment in SpringWorks Therapeutics will, over time, enable us to realise even more value for patients and society.
“SpringWorks Therapeutics started as an idea about a new way to get things done with – and for – patients, it has been a tremendous team effort, and we and our partners are excited to see it become a reality.”