Pfizer is announcing today that it is spinning out a new company, SpringWorks Therapeutics, to develop several drugs for rare diseases that the drug giant did not want to move forward internally. The new firm will be funded with $103 million from Pfizer, Bain Capital Life Sciences, Bain Capital Double Impact, Orbimed and LifeArc.
“We’re left with some compounds that we think have great promise for patients but are not necessarily core,” Freda Lewis-Hall, executive vice president and chief medical officer at Pfizer, said in an interview. “We originally conceived of this as kind of a new and innovative way for us to advance the investigational therapies that we thought hold significant promise for underserved populations.”
