Pfizer to Invest up to $500 Million in Biotechnology Companies Through New Growth Initiative
The program will invest up to $500 million in biotechnology companies to provide funding and access to Pfizer’s scientific capabilities to continue the biotechnology companies’ clinical development programs.
Pfizer announced on June 2, 2020 that it has launched the Pfizer Breakthrough Growth Initiative, a program that will invest up to $500 million in biotechnology companies to provide funding and access to the company’s scientific capabilities to continue the biotechnology companies’ clinical development programs.
According to a company press release, the initiative will make non-controlling equity investments in clinical-stage public companies, with a focus on companies with small-to-medium-sized market capitalizations that coincide with Pfizer’s areas of focus, including internal medicine, inflammation and immunology, oncology, rare disease, vaccines, and hospital.
“There has never been a more important moment to pursue new collaborations in our industry," said John Young, Pfizer's chief business officer, in the press release. “The Pfizer Breakthrough Growth Initiative seeks to do just this by injecting crucial capital into biotechnology companies that share our commitment to delivering transformative therapies for patients.”
Source: Pfizer
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