Several of the pharmaceutical industry's top drugmakers are forming a $1 billion antibiotic innovation venture to address patients' increasing resistance to existing treatments, according to STAT.
The initiative aims to invest in or acquire small antibiotic companies developing new drugs and therapies. Slated for a formal announcement July 9, the coalition will involve drugmakers such as Eli Lilly, Pfizer, Merck, Boehringer Ingelheim and Bayer.
The venture builds upon the work being done by CARB-X, a public-private partnership formed in 2016 to fund antibiotic development as patients' need for innovative treatments continues to grow.