Pfizer and Flagship Pioneering to invest $100 million to develop treatments for unmet medical needs

Pfizer Inc.
PFE,
-1.27%
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,
+1.03%
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,
+0.39%
has gained 17.8%.