Pfizer invests $8 million in start-up
A Boston start-up developing drugs targeting diabetes and obesity got a big infusion of capital from Pfizer Inc. this week.
Pfizer Venture Investments backed Rhythm Pharma with $8 million, joining other venture capitalists such as MPM Capital, Third Rock Ventures and New Enterprise Associates as backers, according to a report on the website FiercePharma.
The company's two drugs in development are still likely years from approval. But the company, led by Keith Gottesdiener, formerly of Merck, has raised $73 million in two years. "We are pleased to help Rhythm capitalize on its opportunities," said Pfizer's Barbara Dalton, vice president of venture capital.
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