Paul Biondi, Pioneering Medicines president

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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