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.

But that's what Pfizer did here, spearheaded by a strategy exec named Lara Sullivan who now leads SpringWorks. It could become a model for Pfizer's peers, many of which have just out-licensed compounds on a one-off basis to inbound third parties. As for SpringWorks, it intends to acquire other candidates from non-Pfizer sources (both corporate and academic).

Bottom line from Xconomy's Bed Fidler: "Pharma companies scrap development of experimental drugs all the time. Sometimes those drugs don't work or are unsafe. Other times they no longer fit a company's strategic goals, or they might be best suited for a different disease. Maybe they even lose an internal fight for interest and resources, and the cash to run larger, more expensive trials is put elsewhere."

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President Trump's suburbs

Photo illustration: Annelise Capossela/Axios. Photo: Tom Williams/CQ Roll Call.

President Trump cast an outdated vision of "the 'suburban housewife'" as he swiped this week at Joe Biden's newly minted running mate Kamala Harris — building on his months-long play to drive a wedge through battleground-state suburbs by reframing white voters' expectations.

The big picture: As he struggles to find an attack that will stick against the Biden campaign, Trump for a while now has been stoking fears of lawless cities and an end to what he's called the “Suburban Lifestyle Dream.” It’s a playbook from the ‘70s and ‘80s — but the suburbs have changed a lot since then.

Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.