Baxter International is setting up its own corporate venture unit with plans to inject up to $200 million to be invested in early-stage companies with promising new technologies.
"Baxter's mission is to apply innovative science to develop therapies and medical technologies that save and sustain patients' lives," said Baxter CEO Robert L. Parkinson, Jr. "As the company's internal capabilities have advanced our late-stage pipeline, we have the capacity to further accelerate the early-stage development of essential therapies."
As traditional venture capital groups have pulled in their horns in recent years, corporate venture groups operated by Big Pharma companies have become an increasingly important source of funds for biotech companies. And Baxter says it's joining the game with an eye to beefing up its pipeline.
"Through this additional investment, Baxter will expand its internal pipeline with the goal of further strengthening the company's history of innovative 'firsts' in medical therapies," says CSO Norbert Riedel.
- here's the Baxter release