pfizersmall.jpgPfizer has not been doing very well this year [Source: Can we Count our Pfizer?] With several of its products going generic soon and with the recent pull of Exubera, its inhalation insulin, one would expect Pfizer to be slowing down. However, this giant has no plans on treading behind. Pfizer will be the “Come-Back Kid” for the year 2008.

In its current reorganization process, Pfizer has announced a launch of a new biotechnology division to be based in San Francisco, CA. This new division will be headed by Exelixis founder, Corey Goodman, Ph.D. Dr. Goodman was also recently the founder and CEO of Renovis, a now publicly traded biopharmaceutical company. Exelixis is a publicly traded pharmaceutical company.

Jeffrey Kindler, Pfizer CEO, comments that,

“with this strategy, we are leveraging Pfizer’s excellence in drug discovery and development by complementing it with a distinct, California-based enterprise led by world-class scientists charged with discovering and bringing in new compounds.”

In addition to focusing on attracting new technologies in drug development, the biotechnology division will also serve as an incubator for startup ventures.

According to a company statement, the group “will work in a highly collaborative manner both with Pfizer Global R&D and with the academic, biotechnology and venture communities, not only to focus on delivering new compounds for Pfizer but also on incubating start-ups with new innovative technologies.”

It looks like Pfizer has spotted the light at the end of the tunnel and will be positioning themselves in the perfect place here at the start-up hub of the universe, Silicon Valley.