Pfizer to invest up to $500 million in public drug developers
The move comes at a time when the Covid-19 pandemic has led drugmakers to delay their clinical trials testing various therapies
A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange (NYSE) in New York, US, July 29, 2019. REUTERS/Brendan McDermid
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 US 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.
