Allied Minds and Bristol-Myers Squibb Company formed Allied-Bristol Life Sciences LLC, a new jointly owned enterprise created to identify and foster research and preclinical development of biopharmaceutical innovations from leading university research institutions across the US.
Allied-Bristol Life Sciences will focus on efficiently and effectively converting discoveries from university research institutions into therapeutic candidates for clinical development and, ultimately, approved therapies that address serious diseases. For programs identified by the new enterprise, university researchers will be able to access Bristol-Myers Squibb's drug discovery research expertise and Allied Minds' financial and management experience.
"The innovations developed in US research institutions represent an important resource for scientific advancement as well as economic development and financial returns," said Chris Silva, CEO of Allied Minds.
Under the terms of the agreement, the companies have jointly formed and funded Allied-Bristol Life Sciences LLC, which will support the research and development needed to take these early-stage opportunities from initial feasibility to preclinical candidacy. Allied Minds and Bristol-Myers Squibb together will form and fund new companies to conduct feasibility and full-phase discovery programs. Once a program succeeds in identifying a pre-clinical candidate, Bristol-Myers Squibb will have the option to acquire the company from Allied-Bristol Life Sciences LLC under preagreed terms.
Source: Bristol-Myers Squibb