8/4/2014 6:02:29 AM
Allied Minds, Pharma Giant Bristol-Myers Squibb Company Form New Company To Fuel Academic Research
August 4, 2014
By David Sohn, BioSpace.com Breaking News Staff
Bristol-Myers Squibb (BMY) and Allied Minds announced today the formation of a joint research institute to foster the research and development of pharmaceutical compounds. The company, Allied-Bristol Life Sciences LLC, is a joint operation that will work together with academic research institutions to screen and identify potential therapeutic candidates for the market.
The program will allow university researchers access to Bristol’s drug research database in exchange for the screening of potential therapeutic candidates and the performance of pre-clinical studies. Such partnerships often exist between pharmaceutical companies and academic institutions. However, the joint endeavor between Bristol and AlliedMind sets the stage for a new approach to preclinical pharmaceutical development.
This partnership will effectively streamline a drug’s development from its discovery to the introduction to markets. AlliedMinds is a capital investment firm that provides seed and early-stage funding in technology focused companies as well as management consulting. Under the agreement, AlliedMinds will form drug discovery programs to identify and screen potential treatments and therapeutic compounds. Once a program succeeds, Bristol-Myers Squibbs will have the option to acquire the company from Allied-Bristol Life Sciences LLC.
Pharmaceutical companies often work directly with academic institutions in the joint research and development of new compounds. This partnership will introduce capital market and management firm expertise to the model, expediting the discovery to market process.
“The innovations developed in U.S. research institutions represent an important resource for scientific advancement, as well as economic development and financial returns,” said Chris Silva, Chief Executive Officer of Allied Minds. “Our partnership with Bristol-Myers Squibb combines complementary strengths, resources, reach and expertise to create an exciting new paradigm in the drug development space.”
“Allied-Bristol Life Sciences LLC brings together cutting-edge ideas, BioPharma experience and drug discovery expertise focused on maximizing the potential of new scientific approaches to addressing serious disease,” said Carl Decicco, senior vice president and Head of Discovery, Bristol-Myers Squibb. “We believe this new venture will enhance the translation of early-stage academic research and will ultimately help advance important potential new medicines more efficiently.”
Boston-based AlliedMinds is currently engaged with over 30 universities in the US in bringing emerging technologies to the market. The company formed RF Biocidics, a technology to commercialize the use of radio frequencies to disinfect food and produce. In addition to the biotechnology sector, the company is also focused on internet security, wireless, and communications technology.
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