Pfizer is launching a hedge fund that will funnel $500 million into biotech companies, according to a June 2 news release from the pharma giant.
The hedge fund, named the Pfizer Breakthrough Growth Initiative, seeks to pursue new partnerships by funding biotech companies' research, manufacturing and growth.
Pfizer's chief business officer, John Young, noted the need to invest in new therapies amid the pandemic. "There has never been a more important moment to pursue new collaborations in our industry," he said in the press release.