Pfizer spin-off SpringWorks Therapeutics is an encouraging sign for innovation in big pharma

In this week's feature, Michael Jewell, the healthcare partner at Cavendish Corporate Finance, looks at a new initiative by Pfizer (NYSE: PFE), the world’s largest pharmaceutical company, that aims to shake up the way the industry approaches nascent experimental drugs which would otherwise be side-lined.

In September, the US drugmaker launched what is effectively a new start-up company, SpringWorks Therapeutics, to develop compounds that show promise to treat rare diseases but do not fit within Pfizer’s strategic goals.

While the concept of developing shelved drugs elsewhere from their discovery is not a new concept, SpringWorks is notable as it is the biggest initiative of its kind. The start-up is being backed by $103 million of funding from a wide range of investors – among them Bain Capital, OrbiMed, LifeArc, and Pfizer itself.