NYU Langone Health and Deerfield Management Launch Amethyst Innovations with Up To $130 Million to Accelerate Commercialization of Biomedical Discoveries
NYU Langone Health and Deerfield Management Company, a healthcare investment firm, today announced the launch of a research and development collaboration designed to accelerate the commercialization of biomedical discoveries.
Through a newly formed company called Amethyst Innovations, LLC, Deerfield has committed up to $130 million over the next 10 years, along with additional scientific and operational support, including access to the Deerfield-founded Women in Science program, to advance the translation of NYU Langone’s cutting-edge biomedical research in a broad range of areas.
“NYU Langone has a strong track record of producing groundbreaking therapeutics that have improved the lives of millions of patients globally,” said Marc Sedam, vice president of Technology Opportunities & Ventures, which oversees the commercialization of NYU Langone’s research outputs. “This collaboration will give our researchers new options to bring promising biomedical innovations into treatments and cures that will address some of the world’s most pressing health issues. We’re particularly encouraged by the close proximity of Deerfield’s Cure facility, just a few blocks away from NYU Langone, offering a unique opportunity for our researchers to benefit from regular conversations and engagement with Deerfield’s scientists and other companies in the ecosystem.”
One highlight of this collaboration is access to the Women in Science Translational Research Symposium, which was initially developed by Deerfield in 2019 and is now part of Advancium Health Network. NYU Langone’s female researchers will be able to participate in this program, which is aimed at supporting diverse perspectives in the business of healthcare. The program’s goal is to provide critical support, knowledge and expertise for the commercialization process of therapeutics and provide a community for interactions so that women scientists have a greater likelihood of translating their work to commercial success.
“Deerfield is committed to supporting academic research to provide the capital, infrastructure, and support needed for successful commercial entry,” said James Flynn, managing partner of Deerfield Management and Cure® Founder. “NYU has a strong history in research and discovery and we feel this is a great opportunity for both organizations to combine our strengths, advance meaningful research work, and streamline the path from discovery to patient.”
“We are thrilled Deerfield Management and NYU Langone Health are partnering to drive cutting-edge biomedical research and innovation that will lead to groundbreaking treatments, cures, and healthcare technologies in New York City,” said New York City Economic Development Corporation President & CEO Andrew Kimball. “We look forward to continuing to support our partners to solidify our city’s place at the forefront of the life sciences industry and support the next generation of talent through this strategic partnership.”
Amethyst Innovations, LLC, a private company wholly owned by affiliates of Deerfield Management, will support NYU Langone research projects in various stages of drug exploration and development. Technology Opportunities & Ventures will be responsible for managing the engagement with Deerfield and working with NYU Langone’s scientific leadership to select projects. The collaboration will lean heavily on the pipeline of projects out of NYU Langone’s well-established internal drug accelerator, Therapeutics Alliances, which identifies and de-risks high-potential biomedical research projects. Accepted proposals will receive a development plan aimed at achieving Investigational New Drug (IND) readiness. Selected projects will also be eligible for additional funding for startup creation. Potential conflicts of interest that arise in the course of this collaboration will be evaluated, managed, or mitigated in accordance with NYU Langone policies and procedures.
Under the terms of the agreement, Amethyst Innovations, LLC would receive an option to license Amethyst Innovations-funded intellectual property developed at NYU Langone.
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