One of the biggest names in pharmaceuticals may have found a way to get the jump on their competition in a big way. Pfizer has just announced that they will be funding a new “six-person startup to develop new drugs,” in an effort to tackle issues with allocating the necessary funds for obscure R&D projects.
The report from Business Insider says that;
The new spinoff, SpringWorks Therapeutics, is getting started with $103 million from investors including Pfizer and Bain. It will focus at first on four Pfizer-invented therapies, for conditions including post-traumatic stress disorder and rare forms of cancer. All are already in clinical trials. The two most advanced therapies, targeting tumors found on connective tissue and nerves, will advance to the final stage of development in the coming year.
While this may not be a new idea (Roivant Sciences started similar initiative in 2015 according to Business Insider) it is the first instance within one of the top pharmaceutical companies.
Pfizer’s move to create an independent company — deliberately safety net-free — suggests the biggest wheels of the drug industry have learned an important lesson, said Bernard Munos, a former R&D executive at Eli Lilly who now consults for pharma companies.
The new startup should allow Pfizer to come up with more hidden gems that could give their stock the big gains that are associated with finding breakthrough drugs and treatments. As a result the stock could gain some much needed fluidity. Investors should take time to learn more about this new initiative at businessinsider.com.
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