Pfizer in Rhythm

Impressed with Rhythm Pharmaceuticals Inc.'s progress on an obesity target that has eluded big pharma's small molecule approaches for 15 years, Pfizer Inc. (NYSE:PFE) decided to make a strategic investment in the biotech.

Last week, Pfizer Venture Investments was the lone participant in an $8 million second close of Rhythm's series B round, bringing the total raised to $33 million...