Washington University in St. Louis announced on Tuesday that it was launching a drug R&D company in collaboration with Deerfield Management, a New York-based health-care investment firm.

Deerfield has committed up to $130 million over the next 10 years to help fund the initiative, which will be called VeritaScience, in recognition of the university’s motto “Per Veritatem Vis,” which means “Strength Through Truth.”

The new company will focus on “the discovery, clinical development and commercialization of promising therapeutic and diagnostic candidates with potential to benefit human health,” according to the university’s news release.

“The exciting collaboration with Deerfield Management to create VeritaScience represents yet another major approach to leveraging the research capabilities of Washington University,” said David H. Perlmutter, MD, the George and Carol Bauer Endowed Dean of Washington University School of Medicine, executive vice chancellor for medical affairs, and the Spencer T. and Ann W. Olin Distinguished Professor, in the press release.

Perlmutter added, “Deerfield has extensive experience in academic-industry partnerships, and this agreement allows us to further advance the ‘virtuous cycle of academic medicine’ and our commitment to translating ever more of the landscape-altering discoveries happening in our labs into tools and therapies that will concretely improve human health and alleviate suffering.”

VeritaScience is intended to build on Washington University’s existing strengths in drug development and biomedical research. University investigators will be able to submit project proposals focused on any type of disease. Those proposals will be reviewed by a scientific review team at VeritaScience, led by Deerfield experts and guided by the university’s Office of Technology Management and Washington University School of Medicine’s business development team.