Pfizer, Bain launch a startup to focus on nervous system diseases
By Jonathan Saltzman GLOBE STAFF
Not long ago, Pfizer Inc. said it was getting out of the business of developing drugs for Parkinson’s and Alzheimer’s diseases, but the New York-based pharmaceutical giant appears to be hedging its bets.
Not long ago, Pfizer Inc. said it was getting out of the business of developing drugs for Parkinson’s and Alzheimer’s diseases, but the New York-based pharmaceutical giant appears to be hedging its bets.
Pfizer and Bain Capital LP, the Boston global investment firm cofounded by Mitt Romney, plan to announce Tuesday that they are launching a biopharmaceutical startup that will work on medicines for people with Parkinson’s, Alzheimer’s, and other diseases of the central nervous system. The new firm, Cerevel Therapeutics LLC, will be located in the Boston area, but Bain officials did not say where.
Bain Capital Private Equity and Bain Capital Life Sciences have pledged $350 million to bankroll Cerevel, which has acquired from Pfizer 10 drug compounds in various stages of development. The three most advanced drugs had made it to clinical trials as potential treatments for Parkinson’s, epilepsy, and psychosis. The last experimental drug might also treat agitation in people with Alzheimer’s.
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