Approximately 25% of new funding to be
dedicated to neuroscience
Pfizer Inc. (NYSE:PFE) today announced it plans to invest $600
million in biotechnology and other emerging growth companies
through Pfizer Ventures, the company’s venture investment vehicle.
In addition to increased funding, Pfizer will extend its leadership
as a venture capital investor with an expanded team that leverages
expertise across venture capital investing, business development,
drug discovery and clinical development.
“By expanding Pfizer’s venture capital efforts under Pfizer
Ventures, we hope to extend both the breadth and depth of Pfizer’s
support for the development of cutting-edge science from concept to
products,” said Barbara Dalton, Ph.D., Vice President, Pfizer
Worldwide Business Development and Senior Managing Partner of
Pfizer Ventures. “Building on our existing investments and proven
track-record, we will look to identify and invest in emerging
companies that are advancing compounds and technologies with the
hope of delivering life-changing therapies to patients in
need.”
Neuroscience Investment
Strategy
Pfizer Ventures will seek to invest approximately 25% of its
available capital ($150 million) in promising early-stage
neuroscience companies. By leveraging an equity investment model,
Pfizer can support a broad array of early neuroscience research and
product development opportunities, which are critical in this
nascent area of science.
“By changing the way we invest in neuroscience, we hope to
support an energized community of biotech entrepreneurs who are
progressing the understanding of the molecular mechanisms of
neurologic diseases and help advance potential treatments for
people with neurological conditions,” said Denis Patrick, Ph.D.,
Vice President, Pfizer Worldwide Research and Development and
Managing Partner of Pfizer Ventures.
Initial areas of interest for Pfizer Ventures include
neuro-degeneration, neuro-inflammation and neuro-metabolic
disorders, and other areas where rapidly advancing science could
lead to breakthroughs for patients.
Six of Pfizer Ventures’ current portfolio company investments
focus on breakthrough neuroscience, including Aquinnah, Autifony,
Cortexyme, MindImmune, MISSION, and Neuronetics. In addition,
Pfizer was instrumental in the creation, funding and launch of the
Dementia Discovery Fund (DDF) in 2015.
DDF is a specialist venture capital fund that invests in novel
science to create meaningful new medicines for dementia. Since its
launch in October 2015, DDF has raised more than $190 million and
has made significant progress building an initial portfolio of 12
investments in dementia drug discovery companies and projects.
These investments target promising areas of neuroscience research
such as microglial biology and inflammation, mitochondrial
dynamics, trafficking and membrane biology and synaptic physiology
and function.
“Pfizer’s investment in Aquinnah is helping advance two exciting
Stress Granule neurodegenerative programs in Amyotrophic Lateral
Sclerosis (ALS) and Alzheimer’s disease,” said Dr. Glenn Larsen,
co-founder, president and CEO of Aquinnah. “By being located in
LabCentral within the Pfizer building in Kendall Square and through
our joint efforts, Aquinnah has access to a leading group of
scientific advisors, as well as state of the art technology
facilities.”
Beyond neuroscience, Pfizer Ventures will continue to invest
across a broad range of therapeutic areas of interest to Pfizer
such as oncology, inflammation and immunology, rare disease,
internal medicine and vaccines. Companies developing technologies
that have the potential to transform drug discovery, development
and manufacturing will also be considered.
Pfizer Ventures Team and
Portfolio
Pfizer is also significantly expanding the Pfizer Ventures team,
which will continue to be led by Dr. Dalton. Joining Pfizer’s
current venture investing team of Elaine Jones and Bill Burkoth,
are Dr. Patrick, and Laszlo Kiss, Margi McLoughlin, Chris O’Donnell
and Nikola Trbovic.
The new organization consolidates R&D Innovate, Pfizer’s
R&D equity investment vehicle, with Pfizer Venture Investments,
the Company’s long-standing venture investment group. The expanded
team adds R&D expertise with a focus on neuroscience chemistry
and pharmacology. With world-class expertise in drug discovery and
clinical development, Pfizer Ventures expects to continue to
generate strong returns for Pfizer while providing portfolio
companies with the direction and support needed to accelerate
advancement of critical therapies.
Pfizer Ventures actively manages an existing investment
portfolio of more than 40 companies. Combined with approximately
$500 million invested to date, the additional funding brings Pfizer
Ventures’ total assets under management to more than $1 billion.
Recent investments include Adapsyn Bioscience, Complexa, Cydan II,
DIR Technologies, eFFECTOR Therapeutics, Jnana Therapeutics, and
Strata Oncology.
Details regarding the Pfizer Ventures team and investment
portfolio can be viewed at www.pfizerventures.com.
Working together for a healthier
world®
At Pfizer, we apply science and our global resources to bring
therapies to people that extend and significantly improve their
lives. We strive to set the standard for quality, safety and value
in the discovery, development and manufacture of health care
products. Our global portfolio includes medicines and vaccines as
well as many of the world's best-known consumer health care
products. Every day, Pfizer colleagues work across developed and
emerging markets to advance wellness, prevention, treatments and
cures that challenge the most feared diseases of our time.
Consistent with our responsibility as one of the world's premier
innovative biopharmaceutical companies, we collaborate with health
care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world.
For more than 150 years, we have worked to make a difference for
all who rely on us. We routinely post information that may be
important to investors on our website at www.pfizer.com. In
addition, to learn more, please visit us on www.pfizer.com and
follow us on Twitter at @Pfizer and @Pfizer_News, LinkedIn, YouTube
and like us on Facebook at Facebook.com/Pfizer.
DISCLOSURE NOTICE: The information contained in this
release is as of June 6, 2018. Pfizer assumes no obligation to
update forward-looking statements contained in this release as the
result of new information or future events or developments.
This release contains forward-looking information about Pfizer
Ventures and Pfizer’s plans to invest in early-stage neuroscience
companies, including their potential benefits, that involves
substantial risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements. Risks and uncertainties include, among other things,
the uncertainties inherent in research and development;
uncertainties regarding the ability of Pfizer Ventures to identify
investment candidates; uncertainties regarding the success of
Pfizer Ventures’ investments; uncertainties and variables inherent
in business operating and financial performance, including, among
other things, competitive developments and general economic,
political, business, industry, regulatory and market conditions;
future exchange and interest rates; and changes in tax and other
laws, regulations, rates and policies.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at www.sec.gov and www.pfizer.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180606005093/en/
Pfizer Inc.Media:Dean Mastrojohn,
212-733-6944dean.mastrojohn@pfizer.comorInvestor:Ryan Crowe,
212-733-8160ryan.crowe@pfizer.com
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