Set against a backdrop of foundering confidence in biotech stocks, the success of some companies incubated by Massachusetts-based Flagship Pioneering has been remarkable.

Flagship has invested billions of dollars getting startups off the ground, many of which, such as Foghorn Therapeutics (Nasdaq: FHTX), Codiak Biosciences (Nasdaq: CDAK) and Rubius (Nasdaq: RUBY), have gone on to become publicly-traded companies.

Moderna Therapeutics (Nasdaq: MRNA), the poster child for the firm’s strategy, has generated tens of billions of dollars while saving millions of lives with its mRNA-based coronavirus vaccine.

Not content to propagate life-changing technologies at over 40 new startups, Flagship now hopes to reinvent the way commercial drugmakers engage with biotech platforms, launching Pioneering Medicines in 2020.

The idea is to build a portfolio of cutting edge medicines by identifying novel therapeutic approaches within Flagship’s fleet of companies.

Led by former Bristol Myers Squibb (NYSE: BMY) veteran Paul Biondi, executive partner at Flagship since 2019, the firm’s new venture has already scored a major partnership with Danish diabetes giant Novo Nordisk (NOV: N).

The aim is to link with big players in the industry to carry forward emerging candidates into late-stage development.

On this week’s episode of The Pharma Letter Podcast, we speak with Mr Biondi to understand more about his work at Pioneering Medicines, and gain an insight into broader industry trends.