Bristol-Myers enters joint venture with Boston firm
Pharmaceutical giant Bristol-Myers Squibb, which has operations in Devens, has agreed to a joint venture with a Boston firm that will foster research and pre-clinical development of biopharmaceutical innovations from leading university research institutions across the United States, the companies announced.
The joint venture between Bristol-Myers and Allied Minds of Boston will be called Allied-Bristol Life Sciences. It will focus on converting discoveries from university research institutions into therapeutic candidates for clinical development, and ultimately approved therapies that address serious diseases.
Allied Minds helps develop new science and technology products and bring them to market. The agreement could open the door for Bristol-Myers Squibb to acquire Allied Minds once a program succeeds in identifying a pre-clinical candidate, the companies said.
“The innovations developed in U.S. research institutions represent an important resource for scientific advancement, as well as economic development and financial returns,” Allied CEO Chris Silva said in a statement. “Our partnership with Bristol-Myers Squibb combines complementary strengths, resources, reach and expertise to create an exciting new paradigm in the drug development space.”
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