Mar. 02, 2020Corporate
Sumitomo Dainippon Pharma Announces Investment in MPM Oncology Innovations Fund
Sumitomo Dainippon Pharma Co., Ltd. (Head Office: Osaka, Japan; Representative Director, President and CEO: Hiroshi Nomura) announced today that it has entered into an agreement under which Sumitomo Dainippon Pharma has invested in the MPM Oncology Innovations Fund (hereinafter, "the Fund").
Created in 2018, the Fund is focused on investing in academia and growing early-stage companies that are developing new drug candidate compounds in the oncology area, and prioritizes investment in biotech companies started up based on the research results by the Dana-Farber Cancer Institute, a world-class oncology research center. The full press release from MPM and Dana-Farber describing the Fund and their focus was issued on 26 February 2020 and can be found here: https://www.businesswire.com/news/home/20200226005434/en
"Oncology is a prioritized area of focus and commitment for Sumitomo Dainippon Pharma Group. Leveraging MPM Capital's expertise in founding and investing in life science companies and Dana-Farber's deep knowledge in cancer research, we believe this investment will enable efficiencies in the drug discovery process and cutting-edge technologies in oncology," said Mahmoud Mahmoudian, Ph.D., Head of Global Oncology External Innovation, Sumitomo Dainippon Pharma Global Oncology. Sumitomo Dainippon Pharma will promote initiatives to support external innovations further by the investment in the Fund, together with an alliance in oncology research with three world-leading oncology centers of excellence (please see the press release announced on December 4, 2019).
Sumitomo Dainippon Pharma hopes that, in addition to drug discovery activities by the Sumitomo Dainippon Pharma Group, investment in the Fund will support innovation and cutting-edge technologies in oncology, one of its three focus research areas, thus leading to opportunities for the enrichment of its oncology development pipeline.
<About the Investment Fund>
|Fund name:||MPM Oncology Innovations Fund|
|Fund size:||USD100 million (subject to change)|
|Area of investment:||Oncology|
<About Dana-Farber Cancer Institute>
Dana-Farber Cancer Institute is one of the world's leading centers of cancer research and treatment. It is ranked in the top 5 of U.S. News and World Report's Best Hospitals for both adult and pediatric cancer care.
<About MPM Capital>
MPM Capital is a healthcare investment firm with over two decades of experience founding and investing in life-sciences companies that seek to translate scientific innovations into cures for major diseases. With its experienced and dedicated team of investment professionals, entrepreneurs, and advisors, MPM strives to power novel medical breakthroughs that transform patients' lives. For more information visit www.mpmcapital.com