Pfizer is planning to invest $600 million in biotechnology and other emerging growth companies through its venture investment group.
Pfizer Ventures will dedicate 25 percent of the funds to neuroscience, seeking out promising early-stage neuroscience companies to support “a broad array of early research and product development opportunities”.
“By changing the way we invest in neuroscience, we hope to support an energised community of biotech entrepreneurs who are progressing the understanding of the molecular mechanisms of neurologic diseases and help advance potential treatments for people with neurological conditions,” said Denis Patrick, vice president, Pfizer Worldwide Research and Development, and managing partner of Pfizer Ventures.
Initial areas of interest include neuro-degeneration, neuro-inflammation and neuro-metabolic disorders, and other areas where rapidly advancing science could lead to breakthroughs for patients, the group said.
Beyond neuroscience, Pfizer Ventures will continue to invest across a range of therapeutic areas of interest to Pfizer, such as oncology, inflammation and immunology, rare disease, internal medicine and vaccines.
The drugs giant also announced expansion of its venture capital team “to leverage expertise across venture capital investing, business development, drug discovery and clinical development”.
The new organisation marries R&D Innovate, Pfizer’s R&D equity investment vehicle, with Pfizer Venture Investments.