Pfizer has partnered with private investment firm Bain Capital to launch a new company, Cerevel Therapeutics, for the development of new medicines to treat central nervous system (CNS) disorders.
The pharmaceutical giant has announced plans to contribute some of its pre-commercial neuroscience assets to the new company.
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Cerevel Therapeutics will be gaining Pfizer’s three clinical-stage and multiple pre-clinical compounds targeting various CNS diseases such as Parkinson’s, Alzheimer’s, epilepsy, schizophrenia and addiction.
Bain Capital Private Equity and Bain Capital Life Sciences’ affiliated funds have agreed to support the new company with $350m, and will offer additional capital depending upon requirements in the future.
Bain Capital Private Equity managing director Chris Gordon said: “We are dedicated to developing this promising portfolio of assets thoughtfully, and will provide the right resources to enable Cerevel to build an experienced leadership team that is committed to developing life changing therapies for patients who are struggling with CNS diseases.”
Cerevel Therapeutics will primarily focus on developing drug candidates for therapeutic area with urgent unmet need. It currently has active early development, discovery and research programmes in neuroinflammation.
Both Pfizer and Bain Capital will provide support for building a team of CNS scientists and life sciences executives with expertise in clinical development of potential medications for neurological and neuropsychological conditions.
Commenting on the launch, Pfizer said: “Pfizer felt that placing this set of neuroscience assets, after its decision to curtail research within the area, in a company with dedicated focus and expertise in CNS was the optimal next step.”
The company will hold a 25% equity stake in Cerevel. Pfizer Internal Medicine chief scientific officer Morris Birnbaum and Worldwide Business Development senior vice-president Doug Giordano will join Cerevel’s board of directors.
