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Pfizer spins out shelved experimental drugs

Pfizer is taking Johnson & Johnson to court. Photo: Mark Lennihan / AP

SpringWorks Therapeutics, a rare disease drug development startup, has raised $103 million in Series A funding from Pfizer, Bain Capital Life Sciences, Bain Capital Double Impact, Orbimed and LifeArc. The company is launching with four compounds licensed from Pfizer, including a pair – one in desmoid tumor and another for neurofibromatosis – that are ready for Phase 3 clinical trials. Pfizer also has some royalty rights via the transaction, although financial details were not disclosed.

Why it matters: Because big pharma rarely pays much attention to its shelved experimental compounds, let alone create a spin-out company to further develop them.