Pfizer Inc said on Tuesday it will invest up to $500 million into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker's scientific expertise.
FILE PHOTO: The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly/File Photo
- Pfizer Inc said on Tuesday it will invest up to $500 million into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker’s scientific expertise. Pfizer said it will make non-controlling investments in the biotechs with small- to medium-sized market capitalizations, but did not identify them.
The move comes at a time when the COVID-19 pandemic has led drugmakers to delay their clinical trials testing various therapies. Pfizer said its Breakthrough Growth Initiative program, under which it was making the investment, allows partner companies to access its research, clinical development and manufacturing resources.
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Pfizer to invest up to $500 million in small and medium-sized biotech companiesPfizer Inc. said Tuesday it is planning to invest up to $500 million in biotech companies to support the sector's most promising clinical development programs. "There has never been a more important moment to pursue new collaborations in our industry," said John Young, Pfizer's chief business officer, as he unveiled the Pfizer Breakthrough Growth Initiative. The program will focus on small to medium-sized biotech company in the areas of internal medicine, inflammation and immunology, oncology, rare disease, vaccines and hospital. Pfizer shares rose 1.2% in premarket trade, but are down 9% in the year to date, while the S&P 500 has fallen 5% and the Dow Jones Industrial Average has fallen 11%.
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