A new partnership between drug development accelerator BioMotiv and Bristol-Myers Squibb (BMS) will form and fund new companies to develop novel therapeutics in disease areas where unmet medical needs remain.
“Bristol-Myers Squibb’s distinctive BioPharma strategy leverages the reach and resources of a major pharma company paired with the entrepreneurial spirit and agility of a biotech firm,” said Bruce Car, PhD, Interim Head, Discovery Research at BMS. “Partnering with an innovative accelerator like BioMotiv strengthens our ability to translate cutting edge, early-stage academic discoveries into new therapies for patients with serious diseases.”
Under the terms of the agreement, BMS will become a limited partner of BioMotiv with the option to invest additional funding in selected projects of mutual interest.
Upon the identification of a preclinical candidate molecule, BMS will have the option to acquire the company from BioMotiv under pre-agreed terms.
With offices in Ohio and Pennsylvania (US), BioMotiv is the mission-driven accelerator associated with The Harrington Project for Discovery & Development, a $380 million initiative for advancing medicine centred at University Hospitals in Cleveland.
BioMotiv focus is to accelerate breakthrough discoveries from research institutions into therapeutics for patients through an innovative model that efficiently aligns capital and collaborations. The company leverages an experienced team and advisory board to select, fund, and actively manage and advance a portfolio of drug development programmes.
“This new partnership effectively pairs two organisations with a mission: to translate transformational discoveries into breakthrough therapies for patients living with serious diseases,” said Satish Jindal, PhD, BioMotiv’s Managing Director.
The BioMotiv-BMS partnership will leverage the strengths of both organisations to develop new and innovative therapies for patients who need them most.
Ted Torphy, PhD, BioMotiv’s CEO and Chief Scientific Officer, commented, “This new partnership will allow us to leverage the extensive expertise of Bristol-Myers Squibb across multiple disease areas. Combined with BioMotiv’s unique model and focus on accelerating breakthrough discoveries from leading academic institutions, we have the opportunity to make a real impact on the lives of patients.”