Merck to provide $90M to the California Institute for Biomedical Research

Merck & Co. Inc. (NYSE:MRK) announced the creation of the California Institute for Biomedical Research (Calibr), an independent, not-for-profit organization focused on the translation of basic research into new medicines. Calibr will collaborate with academic scientists to develop research through preclinical proof of concept (POC), at which point the institute will seek commercial partners for further development.

Merck will contribute up to $90 million over seven years to Calibr, and will have an option to obtain an exclusive commercial license to any proteins or small molecule therapeutic candidates resulting from work conducted at the institute. Calibr can seek alternative funding for projects not licensed by Merck. The institute also plans to access funds from government and non-government sources. Revenues derived from licenses will be shared between Calibr and the collaborating institutions. ...