Pfizer launches stem cell unit

Times Wire Services

Pfizer Inc. said it had launched a biotechnology research unit focused on developing stem-cell-based treatments for a wide range of conditions.

The unit, called Pfizer Regenerative Medicine, will be located in two of the global hubs for biotech research -- Cambridge, England, and Cambridge, Mass.

New York-based Pfizer plans to invest about $100 million in the project over the next three to five years.