Pfizer to invest $50M in biotech start-ups

Pfizer is budgeting $10 million a year for the next five years to help start-up biotechs get going at their incubator in San Diego. Catherine Mackey, a senior vice president of Pfizer Global Research & Development, says the company is primarily interested in fostering start-ups with projects that would either offer new development programs or technology that it could use in drug discovery work. The incubator's board met last April for the first time. Tenants are expected to agree to an equity share agreement with Pfizer with an option to acquire their work at a fair market value.

- here's the report from the Paramus Post