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Bristol-Myers Squibb and Allied Minds have formed a new jointly owned enterprise, Allied-Bristol Life Sciences, aimed at advancing discoveries of biopharmaceutical innovations at leading US academic research institutions.

Allied-Bristol Life Sciences will work with researchers at US university research institutions to identify discoveries that have therapeutic and commercial potential, and will support the research and development needed to take these early-stage opportunities from initial feasibility to pre-clinical candidacy.

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The newly formed enterprise will efficiently and effectively transform early-stage academic innovation into therapeutic candidates for clinical study, and ultimately into approved therapies that address serious diseases.

Researchers will have access to Bristol-Myers Squibb’s drug discovery research expertise and Allied Minds’ financial and management experience for programmes identified by Allied-Bristol Life Sciences.

"We believe this new venture will enhance the translation of early-stage academic research and will ultimately help advance important potential new medicines more efficiently."

According to the terms of the agreement, both the companies will jointly establish and fund new companies for conducting feasibility and full-phase discovery programmes.

Following the successful identification of a pre-clinical candidate by a programme, Bristol-Myers Squibb will have the option to acquire the company from Allied-Bristol Life Sciences under pre-agreed terms.

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Bristol-Myers Squibb Discovery senior vice-president and head Carl Decicco said: "Allied-Bristol Life Sciences brings together cutting-edge ideas, BioPharma experience and drug discovery expertise focused on maximising the potential of new scientific approaches to addressing serious disease.

"We believe this new venture will enhance the translation of early-stage academic research and will ultimately help advance important potential new medicines more efficiently."

Image: Bristol-Myers Squibb’s facility in Nassau Park, New Jersey. Photo: courtesy of Bristol-Myers Squibb Company.