BIDMC and Deerfield Management Announce Research Collaboration to Accelerate the Creation and Development of Therapeutics

BOSTON & NEW YORK--(BUSINESS WIRE)-- Beth Israel Deaconess Medical Center (BIDMC) and Deerfield Management, a healthcare investment firm, announce a research collaboration to accelerate discovery of novel therapeutics. Deerfield will provide up to $130 million along with additional scientific and operational support to this collaboration to advance BIDMC research that has the potential to transform patient care over the next decade.

“We are honored to collaborate with Deerfield Management to help provide our investigators with the infrastructure and support necessary to create transformative medicines,” said Gyongyi Szabo, MD, PhD, chief academic officer of BIDMC and Beth Israel Lahey Health. “Research is an essential component of clinical care. Aligning with Deerfield will bolster the outstanding work by BIDMC investigators, translating the discoveries from bench to bedside at a more rapid pace. The collaboration will provide a seamless mechanism to advance discoveries fueled by the recently launched BIDMC Translational Research Hubs”

BIDMC researchers will be able to submit proposals for funding to Deerfield’s scientific review team. Accepted proposals will work with Brookline Avenue Innovations, LLC, a newly formed private company wholly owned by affiliates of Deerfield Management, to specifically manage and support BIDMC projects. Selected projects will also have the eligibility for additional capital investments to create spin-off companies.

"As a national hospital leader with a notable focus on advancing health care services through scientific research, BIDMC is an ideal partner for our team at Deerfield Management,” said James Flynn, managing partner of Deerfield Management. “In collaboration with some of the brightest minds in the field, we are eager to do our part to connect people, capital, ideas, and technology in ways that will improve standard of care.”

A key partner in the collaboration is BIDMC’s Translational Research Hubs, which are multidisciplinary research and clinical teams focusing on therapeutic areas and technology platforms that align with the needs of BIDMC’s patient population. The hubs aim to maximize collaboration among physicians, scientists, students and trainees to give members the opportunity to learn from one another and in turn launch novel scientific and medical discoveries.

"BIDMC’s world renowned scientists are transforming medical care and training the next generation of leaders in the medical sciences," said Pete Healy, president of BIDMC. "This collaboration with Deerfield aims to provide a strong foundation for continuing this innovative work at an accelerated pace and enhancing our ability to provide extraordinary patient care."

About Beth Israel Deaconess Medical Center

Beth Israel Deaconess Medical Center is a patient care, teaching and research affiliate of Harvard Medical School and consistently ranks as a national leader among independent hospitals in National Institutes of Health funding. BIDMC is the official hospital of the Boston Red Sox.

Beth Israel Deaconess Medical Center is a part of Beth Israel Lahey Health, a health care system that brings together academic medical centers and teaching hospitals, community and specialty hospitals, more than 4,800 physicians and 36,000 employees in a shared mission to expand access to great care and advance the science and practice of medicine through groundbreaking research and education.

About Deerfield Management

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

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