Evotec and Oxford create novel LAB282 partnership
Evotec has announced a novel strategic partnership with the University of Oxford, the university's research commercialization company Oxford University Innovation (OUI) and Oxford Sciences Innovation, an IP investment company dedicated to a single university (OSI) aimed at accelerating the translation of basic biomedical research from Oxford into new therapeutics. Projects will be sourced exclusively from Oxford University researchers via OUI across any therapeutic area and for any therapeutic modality and will be aided by a drug discovery expert in residence seconded by Evotec to the LAB282 initiative and embedded in the university.
"LAB282" will be supported by a fund of ₤ 13 million led by OSI for an initial period of three years. The goal is to accelerate the achievement of preclinical proof-of-concept for new drugs and to generate new spin-out companies. The development of new treatments and cures for serious and debilitating diseases will help patients live longer and better lives as well as reduce the burden on global healthcare systems.
Evotec will exclusively contribute its drug discovery expertise and platforms to select projects and develop them further. Evotec will be entitled to equity in new LAB282 spin-out companies together with Oxford University and its academic researchers and together with OSI will have the right to co-invest in seed financing rounds.
Dr. Cord Dohrmann, chief scientific officer of Evotec, said, "LAB282 is a highly innovative partnership that elegantly combines core strengths of academia, biotech, venture capital and strong links to Pharma under one ‘roof.’ Casting a wide net in terms of indications and technologies, it is designed to accelerate in particular first-in-class and potentially disruptive early-stage projects to value inflection points that will facilitate the formation of companies. We are very proud to be part of this exciting endeavor with such highly distinguished partners and are convinced that this model will become a blueprint of effectively and efficiently translating academic science into highly differentiated product opportunities."
Dr Adam Stoten, head of Technology Transfer, Life Sciences at OUI, said, "This pioneering approach addresses a major unmet need by engaging LAB282's partners, together offering world-class medical research, commercial drug discovery expertise and facilities, and significant investment resources. Today's announcement provides another great example of how U.K. universities are at the forefront of collaborative public-private drug discovery partnerships with the goal of patient benefit."