On March 1, 2020 MPM Capital (MPM) and Dana-Farber Cancer Institute have jointly reported on February 26, 2020 the successful closing of the MPM Oncology Innovations Fund (INV) with $100M in capital, and the Dana-Farber Innovations Research Fund (IRF) with more than $26M in pledged donations (Press release, MPM Capital, MAR 1, 2020, View Source [SID1234555005]). 3SBIO, a leading biopharmaceutical company in China, is a limited partner in the INV and has agreed to make donation to the IRF, to support early-stage oncology research at Dana-Farber. The collaboration of INV and IRF is a unique, first of its kind, impact investing collaboration.
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Through INV, MPM intends to create and invest in early-stage companies developing innovative therapeutic technologies in oncology. MPM expects 50% of the capital from INV to be invested in new companies generated from Dana-Farber research. As part of the collaboration, MPM, through INV, has the right of first offer to license certain Dana-Farber technologies that have been identified for commercialization.
"With innovative new funding structures, such as the collaboration between MPM and Dana-Farber, we believe we can expand and accelerate important research efforts while putting in place a path for developing this research into novel therapeutics. We are honored to partner with one of the world’s leading cancer research centers to execute on this strategy and, having partnered before to bring groundbreaking science to patients, we are excited to continue working with our esteemed colleagues at Dana-Farber to advance the search for cancer cures," said Ansbert Gadicke, co-founder and Managing Director at MPM Capital.
"We are thrilled to have partnered with MPM on this innovative venture philanthropy model. We have generated substantial philanthropic support for exciting areas of cancer research at Dana-Farber, and MPM will support the creation of biotech companies that seek to bring new and advanced treatments to our patients," said Laurie H. Glimcher, MD, President and Chief Executive Officer of Dana-Farber.
"3SBIO is pleased to invest in MPM’s INV as a limited partner and to make donation to IRF to support Dana-Farber, a top cancer research and treatment center in the world. We are looking forward to this collaboration to develop many promising oncology therapies that address the unmet medical needs of cancer patients," said Dr. Jing Lou, Chairman and CEO of 3SBIO.
MPM’s partnership with Dana-Farber comes as biotechnology venture investors seek access to the most-promising academic discoveries and as medical institutes pursue new ways to fund research and propel their innovations into the market