Venture Philanthropy Success Story

March 8, 2011 at 7:55 PM Leave a comment

Just Means reports on Vertex Pharmaceuticals and their foundation-funded progress toward two new drugs to treat cystic fibrosis:

Vertex has created two drugs with promise for treating the disease after more than a decade of funding from the [Cystic Fibrosis Foundation]. It was a two-prong approach. They funded not only the drugs development, but also clinical trials to prove it efficacy.

The foundation gets a portion of the royalties if the drugs prove to be effective and if development stalls, it accepts the loss and moves on. The foundation has given Vertex $76 million alone and more than $260 million overall.

The company is also known for groundbreaking drugs to treat hepatitis C, which are currently pending FDA approval.

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Entry filed under: Innovation.

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