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The partnership will see Flagship and Pfizer work to create a new pipeline of innovative medicines.
Pfizer and Flagship Pioneering, a venture capital firm that creates bioplatform companies, announced a partnership on July 18, 2023 that is centered on creating a new pipeline of innovative medicines. The deal mentions that both companies will invest $50 million upfront to explore opportunities to develop 10 single-asset programs.
According to a Flagship press release, Pfizer will fund and have the option to acquire each selected development program, whereas Flagship and its bioplatform companies will be eligible to receive up to $700 million in milestones and royalties for each successfully commercialized program. In addition, Pioneering Medicines, a Flagship initiative, will work with Pfizer to lead the rapid portfolio creation process.
"Flagship and Pfizer enter into this strategic alliance driven by a shared sense of urgency to develop novel medicines that make a difference for patients," said Paul Biondi, president, Pioneering Medicines, and executive partner, Flagship Pioneering, in the release. "This new partnership brings together the best of our organizations to maximize discovery and development potential from inception to impact through a unique innovation supply chain that sets us on a path to potentially realize transformational medicines more quickly and effectively."
"At Pfizer, we are expanding our efforts to pursue potential breakthrough science with unique approaches and funding mechanisms designed to leverage the dynamic scientific ecosystem," said Mikael Dolsten, chief scientific officer and president, Worldwide Research, Development and Medical, Pfizer, in the release. "This collaboration is an exciting opportunity for Pfizer to bring deep scientific expertise and apply our development and regulatory strength to Flagship's diverse portfolio of technology platforms, translating early-stage innovation to potential medicines."
Source: Flagship Pioneering