Pfizer announces formation of new drug discovery company

Pfizer and UCB have announced the formation of a new technology company – Cyclofluidic – which has been established with the aim of accelerating the drug discovery process.

The companies explain this is hoped to be achieved by allowing researchers to test a greater variety of potential new medicines in a shorter time.

Pfizer states the UK government’s Technology Strategy Board (TSB) has helped to allow the arrangement to take place and will continue to support the new organisation by co-funding its research and development.

Senior director of worldwide business development at the company, Peter Luke, states the formation of Cyclofluidic is a “great example” of how public-private partnerships can provide innovative technologies that allow medicines to reach the market faster.

Dr Annette Doherty, vice-president and research head at Pfizer’s European research and development headquarters, states the company is “extremely pleased” to work with UCB and the TSB to help enhance efficiency within the drug development process.

“We are excited by the potential of this new partnership to help us identify the most effective medicines for later stages of development and ? ultimately ? create new and improved therapies for patients,” she adds.

In recent days, Pfizer announced it has reached agreements in principle to reach resolution regarding litigation involving its non-steroidal anti-inflammatory medication Bextra.