Biotechnology Value Fund invested in a private company for the first time in more than five years, putting money into a spinout of potentially first-in-class assets from Pfizer Inc. (NYSE:PFE).

Newco Ziarco Pharma Ltd. announced on Nov. 5 that it raised $6 million in the first tranche of a planned $27 million series A round led by BVF. Pfizer Venture Investments participated in the round.