Pfizer, the world’s largest drug company, is going to try its hand at picking biotech stocks.
The New York pharma giant has set aside up to $500 million that it will invest in publicly traded companies with drugs in the clinic. Pfizer would take non-controlling stakes, with a focus on companies with small to medium market values. The program, called the Pfizer Breakthrough Growth Initiative, would give companies access to the company’s scientists, clinicians, and manufacturing experts, if they want it.
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Has Pfizer “hand picked” any or is it waiting for companies to approach it with projects?