Pfizer Inc. PFE and Flagship Pioneering said Tuesday they are investing a total of $100 million upfront to explore opportunities to develop 10 single-asset programs within Pfizer’s core areas of interest to address unmet medical needs, including in broad patient populations. Flagship Pioneering is a firm that creates and develops bioplatform companies and is behind the creation of Moderna Inc. MRNA and its mRNA medicines, among others. Pfizer will fund and then have an option to acquire each selected development program. Flagship and its companies will be eligible for up to $700 million in milestone payments and royalties for each program that reaches commercialization. Pfizer’s stock has fallen 30% in the year to date, while the S&P 500 SPX has gained 17.8%.
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