With lavish self-praise, Pfizer (NYSE:PFE) on Oct. 4 announced creation of “a biotherapeutics and bioinnovation center” to be based in San Francisco. It was a fancy way of saying it has launched a new biotech unit.Promising an “entrepreneurial spirit,” Pfizer PFE says the unit will work with academe, venture capitalists and biotech to find new medicine. The world’s biggest drug maker went on to proclaim that this “significant departure” will help it attain “a top-tier position in biotherapeutics.”
