Pharma giant Pfizer and investment firm Bain Capital are partnering to form a company focused on nervous system diseases, including Parkinson's, Alzheimer's, epilepsy and addiction, according to CNBC.
The startup, Cerevel Therapeutics, will use Pfizer's neuroscience assets and be funded with $350 million from Bain. Pfizer will own 25 percent of the company.
Cerevel will have about 10 drug development programs in neuroscience and neuropsychology from Pfizer. Its lead program will include a medication for the symptoms of Parkinson's disease as well as one for epilepsy. Both of those medications are in the clinical testing phase. The company will aim to expand treatment options in a therapeutic area where there is an urgent need for patients.
Pfizer initially announced plans to retreat from neuroscience drug development in January, saying it planned to shut down its early- and midstage neuroscience drug development.
However, now the drugmaker said it will not walk away completely.
To help oversee the new startup, Pfizer will add two directors to its board, Doug Giordano, Pfizer's senior vice president of worldwide business development, and Morris Birnbaum, chief scientific officer of internal medicine at Pfizer.
In addition, Bain Capital managing director Adam Koppel and Chris Gordon, managing director at Bain Capital Private Equity, will join the board.