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Pfizer invests $8 million in start-up

Published 11/29/2012 12:00 AM
Updated 11/28/2012 11:55 PM

A Boston start-up developing drugs targeting diabetes and obesity got a big infusion of capital from Pfizer Inc. this week.

Pfizer Venture Investments backed Rhythm Pharma with $8 million, joining other venture capitalists such as MPM Capital, Third Rock Ventures and New Enterprise Associates as backers, according to a report on the website FiercePharma.

The company's two drugs in development are still likely years from approval. But the company, led by Keith Gottesdiener, formerly of Merck, has raised $73 million in two years. "We are pleased to help Rhythm capitalize on its opportunities," said Pfizer's Barbara Dalton, vice president of venture capital.

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