NetVation, Pfizer in drug discovery deal

Drug discovery newco NetVation DL Medicine (Chengdu, China) and Pfizer Inc. (NYSE:PFE) partnered to develop new chemical entities against undisclosed targets in multiple therapeutic areas. DL Medicine is developing a drug discovery platform to identify novel, potent chemical lead matter to bring into development against druggable and previously undruggable targets.

Pfizer took an undisclosed stake in DL Medicine in the form of convertible notes, according to a Pfizer spokesperson. Financial terms of the deal are not disclosed...