In a first for the Big Pharma and as part of a new model, Pfizer is taking drugs from its shelves and licensing them to, while investing in, its SpringWorks Therapeutics startup.

SpringWorks starts life with a major $103 million series A with help from Bain Capital Life Sciences, Bain Capital Double Impact, Orbimed and LifeArc. Pfizer’s input consists of both equity capital and royalty- and milestone-bearing licenses to a series of experimental meds.

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