Pfizer spins out shelved experimental drugs
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.