Pfizer looks for perfect fit for their VC funds

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Pfizer execs turned up at AusBiotech 2008 to talk up the role that pharma plays these days in providing venture capital to emerging drug developers. The drug giant says that they're looking for a strategic fit for their pipeline work, but also expect to get a return on the money they invest. And that can be problematic when you consider that the IPO drought for biotech companies is now 11 months old.

"A large number of pharmaceutical companies now are using venture capital as a tool to create relationships with the entrepreneur world," said Pfizer vice-president for venture capital Barbara Dalton.

- read the story in The Age

ALSO: Xanodyne Pharmaceuticals isn't going to try and break the IPO logjam. The developer dropped its plans for an $86 million offering. Story

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