UK-based biotechnology company Ziarco has raised $6m of a $27m round from a consortium including drugs company Pfizer’s corporate venturing unit.
Alongside Pfizer Ventures in the series A round for Ziarco was the Biotechnology Value fund.
The deal results in Ziarco entering into an agreement with Pfizer for exclusive worldwide rights to commercialize a portfolio of clinical, preclinical and research anti-inflammatory and anti-allergic assets. In return, Pfizer will receive equity as well as certain product-based milestone and royalty payments.
CORRECTION An earlier version of this story said Ziarco spun out of Pfizer’s Sandwich research centre in the UK. It is understood that while its founder worked for Pfizer, the deal was not backed by Pfizer until after he had left the company.