CLEVELAND & NEW YORK--(BUSINESS WIRE)--BioMotiv, a mission-driven drug development accelerator that advances breakthrough discoveries from research institutions into therapeutics, and Bristol-Myers Squibb Company (NYSE: BMY) today announced a new strategic partnership. The partnership will leverage the strengths of both organizations to develop new and innovative therapies for patients who need them most. Under the terms of the agreement, Bristol-Myers Squibb will become a limited partner of BioMotiv with the option to invest additional funding in selected projects of mutual interest. Under the partnership, BioMotiv and Bristol-Myers Squibb together will form and fund new companies to develop novel therapeutics in disease areas where unmet medical needs remain. Upon the identification of a preclinical candidate molecule, Bristol-Myers Squibb will have the option to acquire the company from BioMotiv under pre-agreed terms.
“This new partnership effectively pairs two organizations with a mission – to translate transformational discoveries into breakthrough therapies for patients living with serious diseases,” said Satish Jindal, PhD, BioMotiv’s Managing Director.
Ted Torphy, PhD, BioMotiv’s CEO and Chief Scientific Officer, commented, “This new partnership will allow us to leverage the extensive expertise of Bristol-Myers Squibb across multiple disease areas. Combined with BioMotiv’s unique model and focus on accelerating breakthrough discoveries from leading academic institutions, we have the opportunity to make a real impact on the lives of patients.”
“Bristol-Myers Squibb’s distinctive BioPharma strategy leverages the reach and resources of a major pharma company paired with the entrepreneurial spirit and agility of a biotech firm,” said Bruce Car, PhD, Interim Head, Discovery Research, Bristol-Myers Squibb. “Partnering with an innovative accelerator like BioMotiv strengthens our ability to translate cutting edge, early-stage academic discoveries into new therapies for patients with serious diseases.”
About BioMotiv
BioMotiv is the mission-driven accelerator associated with The Harrington Project for Discovery & Development, a $380 million initiative for advancing medicine centered at University Hospitals in Cleveland. The focus is to accelerate breakthrough discoveries from research institutions into therapeutics for patients through an innovative model that efficiently aligns capital and collaborations. The company leverages an experienced team and advisory board to select, fund, and actively manage and advance a portfolio of drug development programs. For more information, go to www.biomotiv.com
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.
