The Université de Montréal today announced it has signed a collaborative research and license agreement with Bristol-Myers Squibb Company (NYSE:BMY) to extend the existing research collaboration to support two new projects in oncology at the Institute for Research in Immunology and Cancer (IRIC) at the Université de Montréal. According to the agreement, the Institute will aim to design new, more effective anti-cancer treatments based on a novel approach and technology developed at IRIC for targeting the disease pathways.
Under the terms of the agreement, Bristol-Myers Squibb will fund aspects of the pre-defined research activities for both IRIC programs and will employ its internal resources to supplement IRIC's activities on the programs. Once drug candidates have been identified, Bristol-Myers Squibb will be responsible for all further development and commercialization. IRICoR will receive milestone payments based on the progress of the research and development of each program, and will be eligible to receive royalties on the sales of any products resulting from the collaboration, sums that will be reinvested to support IRIC's drug discovery activities.
“At IRIC, we believe that it is by engaging in collaborative research that we will win the battle against cancer. By working with leaders in complementary fields, we can leverage our expertise and accelerate the drug discovery process,” explains Dr. Guy Sauvageau, IRIC Chief Executive Officer and Scientific Director, “I am therefore delighted to partner with the BioPharma leader Bristol-Myers Squibb to help bring our innovations to market.”
As part of its efforts to stimulate the development of new drugs at IRIC, the Université de Montréal created IRICoR in 2008, a non-profit financed by the Networks of Centres of Excellence of Canada, whose purpose is to accelerate the drug discovery process by creating value. In collaboration with IRIC's partners, IRICoR financially supported the projects, incubating them to the stage where Bristol-Myers Squibb committed to extend and broaden its existing long-standing research collaboration with IRIC.
“We are pleased that IRICoR was able to support these two highly innovative projects and thereby garner Bristol-Myers Squibb's interest”, explains Dr. Michel Bouvier, CEO of IRICoR. “We look forward to continue working closely with Bristol-Myers Squibb to optimize the value of both programs and ensure they advance as quickly as possible towards the clinic.”
About IRIC | Institute for Research in Immunology and Cancer
An ultra-modern research hub and training centre located in the heart of Université de Montréal, the Institute for Research in Immunology and Cancer (IRIC) was created in 2003 to shed light on the mechanisms of cancer and discover new, more effective therapies to counter this plague. IRIC operates according to a model that is unique in Canada. Its innovative approach to research has already led to discoveries that will, over the coming years, have a significant impact on the fight against cancer. For more information about IRIC, please visit www.iric.ca.
About IRICoR | Institute for Research in Immunology and Cancer - Commercialization of Research
IRICoR is a non-profit organization whose mandate is to accelerate the discovery, development and commercialization of novel drugs that originate from IRIC and Université de Montréal. IRICoR, as a Center of Excellence in Commercialization and Research, invests in highly innovative projects to rapidly transition them from academia to the market, while identifying the best development partners for these commercially-promising projects. For more information about IRICoR, please visit www.iricor.ca.
Steven J. Klein, Ph.D., MBA
Director, Business Development
IRICoR | Institute for Research in Immunology and Cancer - Commercialization of Research