ANN ARBOR – The University of Michigan and health care investment firm Deerfield Management Co. announced Wednesday a new partnership with the aim of developing life-saving drugs and disease treatments. Deerfield has committed up to $130 million over the next decade in biomedical research at U-M.
The collaboration includes the launch of Great Lakes Discoveries LLC, a company to commercialize therapeutic products.
“The University of Michigan has a strong legacy of drug discovery and translation,” Rebecca Cunningham, U-M vice president for research said in a news release. “This new alliance will allow us to advance these discovery and translational efforts, speeding our path to positive impact.”
For its part, Deerfield will contribute development expertise with the objective to deliver more effective treatments to market by helping guide potential cutting-edge, high-need therapeutic treatments.
Great Lakes Discoveries will support all preclinical stages of drug development and discovery.
“We recognize that scientists at preeminent academic research institutions like the University of Michigan provide much of the novel insights that advance our understanding of disease,” William Slattery, Deerfield partner said in a news release.
“However, at any research institution, the most commercially promising innovations eventually outgrow the lab, requiring greater resources and more focused development expertise than an academic setting can typically provide. We’re excited to have the University of Michigan join us in this important initiative.”
Source: University of Michigan to receive up to $130M to commercialize drug discovery