Research Firm for Pfizer, Novartis Morphs Into Low-Cost Rival
- TrialSpark expands from clinical trials into developing drugs
- Company raised $156 million, is valued at more than $1 billion
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A startup known for conducting research on behalf of pharmaceutical companies like Pfizer Inc. and Novartis AG now aims to compete with them by making medications itself.
New York-based TrialSpark Inc. will fund its move into drug development with a $156 million financing round that closed earlier this year and values the company at more than $1 billion. That money will be used largely to buy new drug candidates, as well as for hiring.