BioCentury
ARTICLE | Financial News

Pharmas, U.K. schools launch L40M Apollo fund

January 26, 2016 2:14 AM UTC

Three pharmas and the tech transfer offices of three U.K. universities launched the L40 million ($57 million) Apollo Therapeutics Fund to support development of early stage projects arising from the universities. Apollo will invest in all therapeutic areas and modalities, and aims to translate academic preclinical research to a point at which it can either be developed by one of the pharmas, or be out-licensed.

AstraZeneca plc (LSE:AZN; NYSE:AZN), GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) and Johnson & Johnson (NYSE:JNJ) will each contribute L10 million ($14.3 million) over the fund's six-year life. The pharmas will receive right of first negotiation to advance projects in which the fund invests, following an internal bidding process. Each will also contribute in-kind resources and R&D expertise. ...