Pfizer revealed plans to venture back into the neuroscience drugs development, following its major neuroscience research shuttering and laying off of around 200 employees in Massachusetts, in June 2018.
Pfizer Inc. announced plans to invest around US$ 150 million in a biotech startups that are pursuing treatments for brain disorders. The company revealed that Pfizer Ventures, is set to invest huge sums of US$ 600 million in biotechs and other emerging growth companies. It will be allocating out one fourth of its capital to companies with neuroscience drugs in the early stages of development.
The annual BIO convention and Pfizer’s announcement share the same time period. Pfizer did not reveal the outline or any specifications with regards to its investment plans, size and strength of the Massachusetts biotech firms in the area of brain research. However, it seems likely that some local firms will be among the recipients to benefit from Pfizer’s contribution.
In January 2018, Pfizer announced plans to reduce its workforce by 300, including 100 employees each in Cambridge and Andover, with an aim to end its development of drugs indicated for Alzheimer’s, Parkinson’s disease, and other neurological disorders. However, Pfizer continues to back such research through its venture arm, which is focused on Alzheimer’s and amyotrophic lateral sclerosis, or ALS, and Cydan.