Pfizer has spun of Esperion Therapeutics into a new biotech company aiming to develop new therapies for cardiovascular and metabolic disease. A syndicate of investors funded the deal. Pfizer sold its interests in the former subdivision to Esperion, which raised $22.75 million from venture funds to finance its operations. Financial details on the spin-off were not disclosed. Pfizer retains an interest in the company.
"Pfizer's contribution to the formation of the new Esperion shows the Company is embracing new strategies to refocus its R&D and create value from exited compounds," said Martin Mackay, president of Pfizer Global Research & Development. "This transaction also enables Esperion to pursue its interests as a Michigan-based life science company while allowing Pfizer to support a new research venture and be involved in Esperion's potential success."
Aisling Capital, Alta Partners and Domain Associates co-led the tranched financing for Esperion, with Arboretum Ventures joining in. The new money will allow further development of Esperion's lead program for the treatment of dyslipidemias, as well as other HDL-related therapeutics.
- check out the Pfizer's release
Spin-off may signal new era for Big Pharma R&D
Pfizer plots spin-off of Japanese R&D
Troubled Pfizer blueprints biotech venture effort