Pfizer to infuse up to USD 500 million in public drug developers

Pfizer said it will make non-controlling investments in the biotechs with small- to medium-sized market capitalizations, but did not identify them.

Published On 2020-06-06 04:00 GMT   |   Update On 2021-11-23 11:11 GMT
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US: 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.

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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.

Read also: Pfizer to focus on coronavirus vaccine; outsource some drug production


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Article Source : Reuters

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