Pfizer Breakthrough Growth Initiative will invest up to $500 million in clinical-stage biotechs

Pfizer (NYSE: PFE), at a time when the COVID-19 pandemic is disrupting drugmakers clinical trials activities, on Tuesday announced the establishment of the Pfizer Breakthrough Growth Initiative, through which the US pharma giant will invest up to $500 million in biotechnology companies to help provide funding and access to Pfizer’s scientific expertise to ensure continuity of the biotechnology companies’ most promising clinical development programs.

“There has never been a more important moment to pursue new collaborations in our industry," said John Young, Pfizer's chief business officer. “The Pfizer Breakthrough Growth Initiative seeks to do just this by injecting crucial capital into biotechnology companies that share our commitment to delivering transformative therapies for patients.”

The Pfizer Breakthrough Growth Initiative will focus on making non-controlling equity investments in clinical-stage public companies, with a primary focus on companies with small- to medium-sized market capitalizations across a range of therapeutic categories that are consistent with Pfizer’s core areas of focus: Internal Medicine, Inflammation & Immunology, Oncology, Rare Disease, Vaccines and Hospital. Partner companies may also have the opportunity to access Pfizer’s significant expertise and resources in research, clinical development and manufacturing.