Troubled Pfizer blueprints biotech venture effort

Up to now, Pfizer's use of investment funds has followed a few narrow channels: Diagnostics, software and drug technology outfits that promised to help in their drug commercialization efforts. But now Pfizer plans to take the wraps off the moribund strategy as it moves money into a wider array of startups. Barbara J. Dalton, who has headed GlaxoSmithKline's ambitious investment efforts, is being brought in to run the new venture investment arm of Pfizer with plans for six to eight new investment deals per year. The new venture strategy is being prompted by some big failures in Pfizer's pipeline--with torcetrapib leading that list--and the woeful initial results from sales of Exubera. Pfizer launched a biotech incubator in May as part of a new focus on early-stage companies. 

- read the AP report on Pfizer

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