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Home Industry News Pfizer establishes new firm to work on drug development

Pfizer establishes new firm to work on drug development

26th September 2017

Pfizer has established an independent company to work on developing four drug candidates currently at the clinical trial stage.

The pharmaceutical giant has set up SpringWorks Therapeutics, which will work on developing treatments that were shelved due to budget constraints.

Among the four is Nirogacesta, a potential treatment for desmoid tumours, and a candidate currently known as PF-0445784, which is being explored as a potential treatment for post-traumatic stress disorder.

The other drugs – Senicapoc and PD-0325901 – target hereditary xerocytosis and neurofibromatosis respectively.

Founder and president at SpringWorks Therapeutics Lara S Sullivan said the new company will "pursue the development of medicines across therapeutic areas, focused on diseases where there is an urgent need and the potential for the greatest impact for patients".

SpringWorks has secured series A funding of  $103 million (76 million pounds), with Pfizer itself one of the main investors in the new business.

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