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Quebec partners to form Neomed Institute

November 27, 2012 1:08 AM UTC

The Quebec government partnered with Pfizer Inc. (NYSE:PFE) and AstraZeneca plc (LSE:AZN; NYSE:AZN) to form the not-for-profit Neomed Institute, a life sciences research center housed at AstraZeneca's recently closed neurology R&D site in Montreal. The Quebec government is providing the institute with a C$8 million ($8.1 million) grant and C$20 million ($20.1 million) through a five-year, non-interest-bearing loan, while Pfizer is contributing C$3.5 million ($3.5 million). AstraZeneca is contributing C$5 million ($5 million), as well as land and the facility, laboratory equipment and IP for three undisclosed pain molecules and projects in undisclosed stages of development.

The institute will provide funding for academic labs and biotechs to develop therapeutics to human proof of concept (POC), at which point they will be out-licensed. Pfizer and AstraZeneca will have right of first negotiation for any programs. Didier Jean Francois, VP of business development and marketing at the institute, told BioCentury that the institute is looking to bring in additional partners who would also have right of first negotiation. The institute is open to research for any therapeutic area, with an initial focus on small molecules. ...