Pfizer, Inc. PFE inked a pact with life sciences venture capital firm Flagship Pioneering to invest $100 million in developing ten single-asset programs targeting diseases with limited treatment options.
"Flagship and Pfizer enter into this strategic alliance driven by a shared sense of urgency to develop novel medicines that make a difference for patients," said Paul Biondi, President of Pioneering Medicines and Executive Partner of Flagship Pioneering.
The companies will each invest $50 million upfront for a new pipeline of innovative medicines.
Also Read: Pfizer and South Korea's Samsung Biologics Ink $900M Partnership for Biosimilar Production: Details
Flagship Pioneering has a portfolio of more than 40 human health companies and multiple biotechnology platforms.
Pfizer will fund and then have the option to acquire each selected development program.
Flagship and its bioplatform companies will be eligible to receive up to $700 million in milestones and royalties for each successfully commercialized program.
"This new partnership brings together the best of our organizations to maximize discovery and development potential from inception to impact through a unique innovation supply chain that sets us on a path to potentially realize transformational medicines more quickly and effectively," Biondi added.
Also Read: Pfizer's COVID-19 Pill Paxlovid Underutilized in Nursing Homes Despite Proven Efficacy
Price Action: PFE shares are trading higher by 1.30% to $36.33 on the last check Tuesday.
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