Pfizer Inc. (NYSE: PFE) disclosed the huge investment it has made in four clinical-stage biotech firms during the second half of 2020. The investment which the firm has made is in connection with its Pfizer Breakthrough Growth Initiative (PBGI). This program of PFE will allow it to invest nearly $500 million to various biotech firms.
Pfizer Inc. is continuously endeavoring to extend its collaboration with various firms with the sole goal of turning great science into innovative medicines. PFE has invested $25 million in Vedanta Biosciences, $10 million in ESSA Pharma, $25 million in Trillium Therapeutics, and $60 million in Homology Medicines.
Shares of Pfizer Inc. (NYSE: PFE) plummeted by -0.16% in the pre-market trading session of Tuesday. It has recorded a trading volume of 47.33 million as compared to the average volume of 45.48 million during the trading session of Monday. Its share fluctuated between the 52-weeks low and high range of $26.42 and $43.08, respectively. PFE’s share has traded up 42.95% from its 52-weeks low and traded down to -12.33% during the 52-weeks high. Pfizer Inc. has a total market capitalization of $209.60 billion at the time of writing.
Pfizer Inc clarified its intention behind this investment. It has disclosed that the firm has fulfilled its promise by investing in ESSA, Vedanta, Homology, and Trillium that it is trying to bring new and innovative treatment for the patients. The PBG initiative of PFE came into existence in June 2020 intending to invest in small and medium-size firms that are developing clinical-stage assets associated with the main areas of focus of Pfizer.
The primary areas of focus of Pfizer are Oncology, Rare Diseases, Vaccines, Internal medicines, Inflammation and Immunology, and hospitals. The firm is trying to partner with other firms which are having the same vision as PFE to provide the best treatment to patients.