Pfizer To Invest Up To $500 m In Public Drug Developers

Pfizer Inc (PFE.N) said on Tuesday it would invest up to 500 million dollars into publicly traded drug developers to fund their treatment candidates and provide access to the U.S. drugmaker’s scientific expertise.

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

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The move comes at a time when the COVID-19 pandemic has led drugmakers to delay their clinical trials testing various therapies.

Pfizer said its Breakthrough Growth Initiative programme, under which it was making the investment, allows partner companies to access its research, clinical development and manufacturing resources