Flagship and Pfizer Forge $7 Billion Partnership for Drug Development

Pfizer has entered into a partnership with venture firm Flagship, in a deal worth up to $7 billion, to develop new drugs from Flagship's portfolio companies. Under the agreement, both companies will invest $50 million each to develop up to 10 drug candidates. Pfizer will have the option to acquire each candidate for up to $700 million, in addition to royalties. Flagship's portfolio companies will also receive a share of any payments resulting from the partnership. This collaboration allows Pfizer to tap into Flagship's innovative technologies and scientific platforms to explore potential therapies in disease areas outside of its own focus.