Vanderbilt University and healthcare investment firm Deerfield Management have announced the creation of a company that will support the university's life sciences research and leverage Deerfield's expertise in accelerating state-of-the-art drug development.
Ancora Innovation, as the limited liability corporation will be called, will fund projects aimed at shifting the current paradigm of drug development and establishing novel therapeutics designed to cure life-altering diseases. Through the company, Deerfield will commit up to $65 million in support of promising Vanderbilt life sciences research through the development stage and will make additional capital investments in any spin-offs that emerge from Ancora projects.
The selection of projects will be managed through a joint operations committee comprising an equal number of Vanderbilt and Deerfield representatives and will be based on novel biology, targets, or insights that have yet to be fully developed and have the potential to modify the progress of or cure specific diseases.
Profits from the Deerfield Healthcare Innovations Fund will be donated to the Deerfield Foundation and are expected to be directed to projects for which no commercial market currently exists but have the potential to advance medical innovation. Deerfield has entered into similar arrangements with the Broad Institute of MIT and Harvard as well as Johns Hopkins University.
"This collaboration enhances Vanderbilt's core mission of improving the quality of human life through research," said Vanderbilt vice provost for research Padma Raghavan. "Deerfield is aligned with us in accomplishing this mission, and we look forward to working with them to develop new life-changing and lifesaving therapies."