Bill and Melinda Gates Foundation backs little-known biotech going after Pfizer, Merck on pneumococcal vaccine

The Bill and Gates Melinda Foundation has raised big money over its lifetime to support medicines for poorer countries, and it announced its latest investment on Wednesday.

Inventprise, a biotech located in the Seattle suburbs, has secured a promise of up to $90 million from the nonprofit, aimed at boosting development of its pneumococcal conjugate vaccine candidate, the Gates Foundation said Wednesday morning. The foundation expects the cash will cover Phase I and Phase II studies for the vaccine, dubbed IVT-25.