Pfizer, Flagship ally on a $100M cash launch of a drug discovery expedition
Paul Biondi has hatched a new development deal at Flagship Pioneering, and this one comes wrapped with a $100 million cash bow arriving on the same day their discovery team is conducting an official ribbon-cutting ceremony for new office and lab space in Cambridge, MA.
Pfizer and Flagship are each chipping in $50 million of cash on the joint effort, which will involve springboarding up to 10 drug programs off the R&D platforms of Flagship’s portfolio biotechs, working through the Pioneering Medicines initiative Biondi set up after leaving Bristol Myers Squibb, where he had headed up the business development team.
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