SpringWorks, Armed with Ex-Pfizer Cancer Drugs, Reloads with $125M
Summary
SpringWorks Therapeutics, a startup spun out of Pfizer to develop drugs gathering dust on the New York pharma giant’s shelves, has closed its second nine-figure financing round in less than two years. The $125 million Series B funding gives the New York City startup the backing to bring two cancer drugs into what could be their final trials before regulatory approval, if all goes well. Large pharmaceutical companies scrap experimental drugs all the time, and over the past several years, several entities have formed with different strategies based around the idea of grabbing those assets and developing them elsewhere. So does Vivek Ramaswamy, who has built several companies off a plan to similarly find deep discounts in pharma’s garbage bins and develop them quickly with loads of new cash. One study is a Phase 3 trial of the former Pfizer drug, nirogacestat—which the company originally aimed to test in breast cancer—in desmoid tumor, a benign growth in the connective tissue.
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