Pfizer neuroscience spinout Cerevel launches with $350M from Bain

Less than a year after terminating its neuroscience program, Pfizer Inc. (NYSE:PFE) spun out Cerevel Therapeutics LLC with $350 million in funding from Bain Capital. The pharma will have a 25% stake in Cerevel, which will be based in the Greater Boston area.

Cerevel's pipeline, comprised entirely of programs from Pfizer, includes three clinical and multiple preclinical assets. Cerevel hopes to move its lead product, a dopamine D1 receptor (DRD1) partial agonist, into Phase III testing next year to treat Parkinson's disease symptoms...