Allied Minds creates funding vehicle for BMS JV

The newly formed ABLS Capital subsidiary of Allied Minds plc (LSE:ALM) has secured commitments of up to $80 million to fund programs in Allied Minds' joint venture with Bristol-Myers Squibb Co. (NYSE:BMY). The funds will support lead optimization for up to 10 programs that have passed initial feasibility studies. BMS will provide up to $20 million more to fund the programs' lead optimization.

Investors in ABLS Capital include Woodford Investment Management, which is contributing up to $40 million, and Invesco Asset Management, which is contributing up to $20 million. Woodford and Invesco both have stakes in Allied Minds, which will also invest in ABLS Capital. ...