Pfizer spins off drug orphans into a PhIII-ready startup backed by Bain to the tune of $103M
Like a lot of Big Pharma companies with a big pipeline, Pfizer can’t develop all the drugs it has. So what do you do with the good drugs that still can’t make the cut?
In Pfizer’s case, you spin a lineup of your best, furthest advanced experimental meds into a new company, while looking to add more when the time is ripe.
Lara Sullivan, an R&D strategy exec, has gained the company’s support to split off from the pharma giant with four of its clinical-stage orphans, creating a new company called SpringWorks Therapeutics. And with considerable help from two big Bain funds, they’re starting out with a mega-round of $103 million for the Series A.
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