UPMC venture arm to invest $1B in up to 50 life sciences companies

UPMC Enterprises has committed to invest $1 billion in life sciences companies developing new drugs, diagnostics and devices by the end of 2024.

EVP Jeanne Cunicelli told BioCentury that the venture and commercialization arm of the University of Pittsburgh Medical Center (UPMC) expects to invest in 20-50 companies over the next five years. Funding will be deployed in seed and later funding rounds for companies ranging from those in preclinical development through those with clinical or marketed therapies. ...