Boston Children’s Hospital and Deerfield Join Forces to Accelerate the Development of Novel Therapies to Patients

First Collaboration Between Deerfield and a Pediatric Research Hospital

(Boston, MA, and New York, NY, Nov. 10, 2020)—Boston Children’s Hospital, which has the largest National Institutes of Health-funded pediatric research enterprise in the United States, and Deerfield Management Company, a healthcare investment firm, announced today a major research collaboration to advance promising therapeutics that will address unsolved medical needs and find cures for disease.

In its first research collaboration with a pediatric hospital, Deerfield pledged up to $65 million, with the goal of translating more of the work of Boston Children’s biomedical researchers and accelerating innovation for potential commercial biopharmaceutical uses.

With the launch of the new collaboration, physician-scientists from Boston Children’s Hospital will have the opportunity to submit proposals for review, effective immediately, to a committee comprised of scientific leadership from both Boston Children’s and Deerfield. Deerfield has created a new entity for this collaboration, Blackfan Circle Innovations, named in honor of Boston Children’s distinguished late faculty member, Kenneth Blackfan, MD, an early leader in childhood blood disorders and pediatric diseases.

“Our focus is to accelerate our scientific discoveries into new treatments for children with rare and complex diseases,” stated Sandra L. Fenwick, Chief Executive Officer at Boston Children’s Hospital. “This collaboration is a key part of our strategy to expand the resources and expertise available to Boston Children’s world-class scientists and to help them expand the potential that their discoveries have the broadest impact on patient health. Deerfield, a leading healthcare investor, will bring their unique expertise in drug discovery and development to the partnership, helping us translate our early stage discoveries into novel therapeutics.”

“We are excited about the opportunity to collaborate with Deerfield, which allows us to continue and intensify our focus on translating basic research discoveries into new and more effective therapies for serious diseases,”commented David Williams, MD, Chief Scientific Officer of BCH. “As a world-leader in pediatric science discovery, we value the opportunity to work with Deerfield and to leverage our investment in basic research for the betterment of children everywhere who suffer from terrible diseases and conditions.”

As part of the collaboration, Deerfield will deliver its development and operations know-how to expedite cutting-edge treatments to patients across a broad span of therapeutic areas, including rare diseases, and to advance promising discoveries into potentially life-saving technologies. 

“A dearth of funding and expertise causes many academic stage discoveries to languish in the proverbial “valley of death” on their way to becoming novel treatments for patients.  Through this collaboration with Deerfield, Children’s is enhancing our ability to overcome these barriers,” stated Irene Abrams, Vice President for Technology Development & New Ventures and head of the Technology & Innovation Development Office.

Funding and operational support will be provided by Deerfield to help support jointly selected research initiatives with the objective of achieving Investigational New Drug (IND) readiness. Successful projects that reach IND-enabled status may receive additional funding from Deerfield. Under the agreement, in exchange for funding, Blackfan Circle Innovations would receive an option to license intellectual property developed at Boston Children’s Hospital.

“We are proud to partner with Boston Children’s Hospital and its distinguished researchers in the fight against childhood disease. Together, we will strive to create new therapies to address unmet medical needs,” said James E. Flynn, Managing Partner at Deerfield. “Boston Children’s world-class discovery platforms, includingin genetics and rare diseases, and experience with highly diverse patient populations, epitomize the focus and vision we share. Collectively, with our development expertise, we will advance novel treatments with the goal to improve and save lives. Our partnership could not come at a better time, as Deerfield launches our life science innovations campus, the Cure, which, will expand the expertise and support we can provide to our translational research partners.”

About Boston Children’s Hospital

Boston Children’s Hospital is ranked the #1 children’s hospital in the nation by U.S. News & World Report and is the primary pediatric teaching affiliate of Harvard Medical School. Home to the world’s largest research enterprise based at a pediatric medical center, its discoveries have benefited both children and adults since 1869. Today, 3,000 researchers and scientific staff, including 8 members of the National Academy of Sciences, 21 members of the National Academy of Medicine and 12 Howard Hughes Medical Investigators comprise Boston Children’s research community. For more, visit our Discoveries blog and follow us on social media @BostonChildrens@BCH_InnovationFacebook and YouTube.
About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

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Contact:

Kristen Dattoli, [email protected]
Karen Heidelberger, [email protected]

Deerfield Commits Up to $130 Million to Commercialize Drug Discovery at University of Michigan

(Ann Arbor, MI and New York, NY, May 27, 2020)—A new partnership between the University of Michigan (U-M) and health care investment firm Deerfield Management Co. will create a company to commercialize therapeutic projects that hold promise in solving unmet medical needs.

U-M and Deerfield on Wednesday announced the launch of Great Lakes Discoveries LLC. Deerfield has committed up to $130 million over the next decade to invest in biomedical research at U-M with the aim of developing potentially life-saving drugs and disease treatments.

“The University of Michigan has a strong legacy of drug discovery and translation,” said Rebecca Cunningham, U-M vice president for research. “This new alliance will allow us to advance these discovery and translational efforts, speeding our path to positive impact.”

As part of the alliance, Deerfield will deliver development expertise to help shepherd potential cutting-edge treatments in high-need therapeutic areas, as well as for rare diseases, with the objective of delivering more effective treatments to market. All preclinical stages of drug discovery and development of selected projects will be supported by Great Lakes Discoveries.         

“We recognize that scientists at preeminent academic research institutions like the University of Michigan provide much of the novel insights that advance our understanding of disease,” said William Slattery, Deerfield partner. “However, at any research institution, the most commercially promising innovations eventually outgrow the lab, requiring greater resources and more focused development expertise than an academic setting can typically provide. We’re excited to have the University of Michigan join us in this important initiative.” 

Starting this fall, U-M researchers will have the ability to submit proposals for review by a Great Lakes committee composed of scientific leadership representing both the university and Deerfield. 

“We are excited to be able to collaborate with Deerfield in a way that will catalyze our translational research efforts by supporting preclinical and commercial clinical development of U-M therapeutics to improve patient care by developing transformative new therapeutics,” said Marschall Runge, dean of the U-M Medical School and executive vice president for medical affairs.

Projects selected by the committee will be provided funding and operational support by Deerfield for a development plan aimed at achieving Investigational New Drug (IND) readiness. Successful projects that achieve IND-enabled status may be eligible for additional capital from Deerfield. Great Lakes Discovery, in exchange for funding, would receive an option to license intellectual property that is developed at U-M under this agreement.

Kelly Sexton, U-M associate vice president for research-technology transfer and innovation partnerships, whose office will be overseeing the Deerfield alliance, said this new source of funding will be instrumental in helping advance drug candidates toward impact. 

“The University of Michigan has one of the most massive academic therapeutic pipelines in the world, with 14 drug candidates currently in various stages of clinical trials and over 130 preclinical drug discovery, drug repurposing and novel drug target validation programs underway in our labs across campus,” Sexton said. “This funding will help us to realize the promise of this pipeline.” 

Roger Cone, director of the Life Sciences Institute and the vice provost for the Biosciences Initiative at U-M, says the alliance complements U-M’s existing translational infrastructure.

“The University of Michigan has invested extensively in creating a world-class drug discovery machinery. This new alliance will complement and accelerate our efforts,” he said.

U-M alumnus James E. Flynn, managing partner at Deerfield and member of the U-M Life Sciences Institute’s Leadership Council, said “the current health crisis is a painful reminder to never become complacent in our fight against disease.” 

“Part of this involves continuously identifying the most important early-stage research and ensuring its advancement in a timely way and without unnecessary barriers,” he said. “I’m confident that the University of Michigan shares this goal, as we join forces to catalyze the development of novel therapeutics and save lives. With its vast research platform, the University of Michigan is the ideal partner and we look forward to the innovations that we expect this alliance will bring.”

Deerfield Management Co.

U-M Tech Transfer

U-M Office of Research

U-M Life Sciences Institute

Michigan Medicine

Deerfield Closes $840 Million Healthcare Venture Fund

The Deerfield Healthcare Innovations Fund ll will invest in advancements in science for promising therapeutics and to improve ways healthcare is delivered to patients

(New York, NY, April 6, 2020)—Deerfield Management Company, L.P. today announced the closing of the Deerfield Healthcare Innovations Fund ll, L.P., which will invest in advancements in science that may lead to important therapeutic interventions and back new technologies and infrastructure to improve the way healthcare is delivered to patients.

“Now more than ever, these unprecedented times underscore the importance of supporting the critical work of our nation’s scientists and healthcare systems,” said James E. Flynn, managing partner of Deerfield. “Our uniquely supportive model allows us to provide leverage to innovative companies and accelerate the benefit to patients.”

The Healthcare Innovations Fund II will collaborate with more than 15 leading academic institutions to seed novel scientific research. The Fund also has access to innovative medtech incubators created in partnership with two medical device industry leaders.

The Cure, the recently announced innovation campus located at 345 Park Avenue South, will become the central location of Deerfield where much of the work of the Healthcare Innovation Fund II will take place. Many of the early-stage companies will utilize the Cure’s wet and dry labs, engineering, computing and shared resource spaces.

The companies will also benefit from on-site programming, including the Fellows Program, Break into the Boardroom and Women in Science. Newly curated programs to be featured involve the “Cure Lounge,” a thought leadership and executive club, and other educational and certification initiatives.

The Deerfield Healthcare Innovations Fund ll is supported by the entire Deerfield infrastructure. 

Deerfield has been investing in and supporting the healthcare industry for more than 25 years, and partner companies benefit from its organizational capabilities.

Today, Deerfield has more than 130 experienced healthcare-focused professionals with specialized knowledge in medicine, life sciences, drug and medical device development, healthcare markets, public policy, value-based care, financial instruments, tax, accounting, operations, corporate strategy, market access research, marketing, biostatistics and sector dynamics, all of which can be leveraged by its partners.

Together, Deerfield team members fully fund and manage the Deerfield Foundation, which to date has committed or invested over $49 million to global organizations seeking to improve the delivery of healthcare, with a focus on underserved children. The Deerfield Foundation recently committed approximately 10 percent of its 2020 fiscal budget toward COVID-19 emergency funding to organizations in need of urgent resources in order to provide care to their communities.


About Deerfield Management 

Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.

Contact:

Media
Deerfield Management
Karen Heidelberger, 212-692-7140
[email protected]

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R&D Alliance Between Harvard and Deerfield Announces First Project Agreement

Lab1636 commits to advance certain Harvard innovations toward a possible therapeutic for tactile hypersensitivity experienced in autism spectrum disorders

Cambridge, Mass., January 8, 2019 — Lab1636, the R&D alliance between Harvard University and Deerfield Management Company, announced today its first project agreement to advance Harvard researchers’ innovations toward the development of novel therapeutics. Lab1636 has committed to a first project out of the laboratory of David Ginty, PhD, the Edward R. and Anne G. Lefler Professor of Neurobiology in the Blavatnik Institute at Harvard Medical School (HMS) and a Howard Hughes Medical Institute Investigator.

Launched in March 2019, Lab1636 is a major strategic R&D alliance between Harvard and the healthcare investment firm Deerfield to speed the development and translation of biomedical and life-science innovations into transformative treatments to improve life, health, and medical care. Lab1636 was established with a funding commitment of up to $100 million from Deerfield.

Through this first project, Lab1636 will dedicate focused resources to advancing innovations with great therapeutic potential for patients. Recognized for his lab’s elucidation of the peripheral nervous system, Ginty seeks to answer fundamental questions in neuroscience relating to how we perceive and respond to our environment. Over the past few years, in particular, significant strides in understanding tactile hypersensitivity have been led by a postdoctoral researcher in his lab, Lauren Orefice, PhD, who is now Assistant Professor of Genetics at HMS and Massachusetts General Hospital. Together, they identified certain compounds that may point the way to a treatment for the touch hypersensitivity experienced by people with autism spectrum disorders.

The Ginty Laboratory’s research in this area has previously received funding from the federal government and the Simons Foundation, as well as translational research funding from Harvard’s Blavatnik Biomedical Accelerator and Q-FASTR at HMS. Lab1636 is now poised to validate and expand upon the lab’s findings, advancing them through late-stage preclinical development.

“We’re thrilled by the momentum of the Lab1636 alliance so far,” said Vivian Berlin, Managing Director of Strategic Partnerships in Harvard’s Office of Technology Development, which spearheaded the creation of Lab1636 with Deerfield. “The collaboration holds great promise to drive rapid innovation across many fields of biomedical science and translate valuable insights into real-world impact.”

“This is an important milestone for Lab1636 and potentially for people suffering from tactile hypersensitivity,” said James E. Flynn, Managing Partner at Deerfield. “We look forward to continued progress in Professor Ginty’s novel work and other exciting developments on the horizon at Harvard.”

A private company wholly owned by affiliates of Deerfield, Lab1636 supports Harvard R&D projects through various stages of drug discovery and development, for example enabling studies to explicate the biology of disease, validate therapeutic targets, or achieve a proof-of-concept necessary for filing an Investigational New Drug (IND) application. Harvard’s R&D projects funded by Lab1636 are initiated by principal investigators from labs across the University and selected by a joint advisory committee.

See also: Harvard professors David Ginty and Lauren Orefice discuss their translational research in a Q&A published today.


About Harvard Office of Technology Development
Harvard’s Office of Technology Development (OTD) promotes the public good by fostering innovation and translating new inventions made at Harvard University into useful products that are available and beneficial to society. Our integrated approach to technology development comprises sponsored research and corporate alliances, intellectual property management, and technology commercialization through venture creation and licensing. More than 70 startups have launched to commercialize Harvard technologies in the past 5 years, collectively raising more than $2.5 billion in financing. To further bridge the academic-industry development gap, Harvard OTD manages the Blavatnik Biomedical Accelerator and the Physical Sciences & Engineering Accelerator. For more information, please visit https://otd.harvard.edu.


About Deerfield Management Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.

Contacts

Harvard Office of Technology Development
Caroline Perry, 617-495-4157
[email protected]

Deerfield Management Company
Karen Heidelberger, 212-551-1600
[email protected]

Yeda, the Commercial Arm of the Weizmann Institute of Science, and Deerfield Create Orchard Innovations, LLC

Deerfield commits up to $130 million to advance new medicines at Israeli institute through a newly launched company

(Rehovot, Israel and New York, NY, January 6, 2019)—Yeda Research and Development Co. Ltd., the commercial arm of the Weizmann Institute of Science, and Deerfield Management Company, a healthcare investment firm, today announced the development of an extensive translational research initiative. The research collaboration, Deerfield’s first outside the USA, is expected to catalyze the development of transformative treatments toward clinical validation for cures for diseases and improved quality of life.

Up to $130 million of initial funding will be made available by Deerfield to support the initiative over 10 years through a newly launched company called Orchard Innovations, LLC. Deerfield will additionally provide its operational, managerial and developmental know-how to further cutting-edge drug research spanning a range of areas in medicine, including difficult-to-treat and rare illnesses.

Gil Granot-Mayer, Yeda’s CEO, said, “We highly value the commitment, deep understanding and proficiency in early-stage development processes which Deerfield brings to our collaboration. Deerfield’s capabilities, together with Yeda’s commercial and translational expertise and the pioneering multi-disciplinary basic science of the Weizmann Institute, produce a rare synergetic relationship which we are confident will lead to scientific and therapeutic breakthroughs for the benefit of humanity.”

Orchard Innovations, LLC, a private company wholly owned by affiliates of Deerfield, will support R&D projects out of the Weizmann Institute of Science throughout various stages of drug exploration and advancement. Starting early 2020, Yeda will submit proposals on projects for consideration by a committee comprising scientific leadership representing the Weizmann Institute of Science, Yeda and Deerfield.  

“Whether its Weizmann’s groundbreaking discoveries that led to the development of novel drugs for multiple sclerosis, immunotherapies that cure certain previously incurable cancers, or its dominance in medical innovation, the Institute is consistently on the cutting edge of meaningful and impactful innovations,” said James E. Flynn, managing partner at Deerfield. “We are delighted to partner with and leverage the knowledge of the Weizmann Institute in our mutual goal to advance healthcare worldwide. Deerfield’s enhanced capabilities, with the upcoming launch of our new innovation campus at 345 Park Avenue South in New York City, are also expected to be an important source of added value for Weizmann.”

Accepted projects will include a development plan aimed at achieving Investigational New Drug (IND) readiness. Deerfield will provide funding and development support for accepted projects, and promising projects that achieve IND-enabled status may be eligible for additional backing from Deerfield.

Under the terms of the agreement, Orchard Innovations, LLC would receive a licensetointellectual property developed under Deerfield-supported projects at the Weizmann Institute of Science.

About the Weizmann Institute of Science

The Weizmann Institute of Science in Rehovot, Israel, is one of the world’s top-ranking multidisciplinary research institutions. Noted for its wide-ranging exploration of the natural and exact sciences, the Institute is home to scientists, students, technicians and supporting staff. Institute research efforts include the search for new ways of fighting disease and hunger, examining leading questions in mathematics and computer science, probing the physics of matter and the universe, creating novel materials and developing new strategies for protecting the environment.

About Deerfield Management

Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.

About Yeda

Yeda Research and Development Company Ltd. is the commercial arm of the Weizmann Institute of Science. Yeda currently manages approximately 500 unique patent families and has generated the highest income per researcher compared to any other academic technology transfer operation worldwide. Through the years, Yeda has contributed the commercialization of a number of groundbreaking therapies, such as Copaxone, Rebif, Tookad®, Erbitux®, Vectibix®, Protrazza®, Humira®, and recently the CAR-T cancer therapy Yescarta®.

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Contact:

Tamir Huberman, [email protected], 972-8-9349282

Karen Heidelberger, [email protected], 212-551-1600 

Duke University and Deerfield Management Announce Four Points Innovation

Deerfield commits up to $130 million to accelerate drug discovery at Duke through a newly launched company

(Durham, NC and New York, NY, December 18, 2019)—Duke University and Deerfield Management Company, a healthcare investment firm, today announced the creation of a major translational research collaboration. Spearheaded by Duke University’s Office of Licensing & Ventures (OLV), the alliance is expected to accelerate the preclinical development of new drugs for improved quality of life and cures for disease.

“This is an exciting day for Duke and the patients we serve,” said Mary E. Klotman, MD, Dean, Duke University School of Medicine and Vice Chancellor for Health Affairs. “This new partnership will help further Duke’s commitment to improve the lives of people in our own community and around the world by supporting and accelerating the translation of research into new therapies to treat and cure society’s most formidable healthcare challenges.”

By way of a newly launched company called Four Points Innovation, up to $130 million of initial funding will be made available by Deerfield to back the initiative for 10 years. Deerfield also will provide development expertise in support of Duke’s innovative drug research across a span of high-need therapeutic areas, as well as those targeting patients who suffer from hard-to-treat and rare diseases.

A private company wholly owned by affiliates of Deerfield, Four Points Innovation will support Duke R&D projects throughout preclinical stages of drug discovery and development. Beginning approximately in March 2020, Duke researchers will have the ability to submit proposals on projects for consideration by a Four Points Innovation committee comprised of scientific leadership representing both Duke and Deerfield.  

Accepted projects will include a development plan aimed at achieving Investigational New Drug (IND) readiness. Deerfield will provide funding and operational support for accepted projects, and successful projects that achieve IND-enabled status may be eligible for additional capital from Deerfield.

Duke’s Office of Licensing and Ventures broke previous records last year with 354 invention disclosures, 120 agreements, and 32 exclusive agreements. Duke faculty and staff formed sixteen new start-up companies during the year, bringing the university’s total to over 140 new companies. Over the last two years, 29 of the university’s 32 start ups have chosen to stay in North Carolina.

“Duke University, with its vast research enterprise, world-class investigators and novel innovations, is a leader in biomedical discovery,” said James E. Flynn, Managing Partner at Deerfield Management. “We are excited about entering into this partnership with Duke, as we collectively seek to develop new medicines to save lives and address unmet medical needs.”

Under the terms of the agreement, Four Points Innovation would receive an option to license Four Points Innovation-funded intellectual property developed at Duke.

About Duke University

Duke is a private research university in Durham, N.C. with nearly 16,000 undergraduate, graduate, and professional students and a world-class faculty helping to expand the frontiers of knowledge. The Duke School of Medicine is one of the nation’s leading centers for medical education, clinical care and biomedical research.

About Deerfield Management

Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.

Pinnacle Hill Announces First Project Agreement

Alliance between UNC-Chapel Hill and Deerfield intends to advance select Carolina innovations toward a possible new treatment against multiple myeloma

Chapel Hill, NC and New York, NY, December 17, 2019 — Pinnacle Hill, the research and development partnership between the University of North Carolina at Chapel Hill and Deerfield Management Company, an investment management firm, recently announced its first project agreement to advance the preclinical development of new medicines.

Pinnacle Hill will support a project of Lindsey James, an assistant professor in the UNC Eshelman School of Pharmacy’s chemical biology and medicinal chemistry division. Her work focuses on multiple myeloma, a devastating cancer that develops in bone marrow.

James and her research team are interested in epigenetic abnormalities that lead to cancer and are working to apply medicinal chemistry, chemical biology, and cancer biology approaches to discover potential therapeutic agents. Through this first project, Pinnacle Hill will devote targeted resources to advancing discoveries which have great therapeutic potential for patients with the disease.

“There’s no doubt this initial agreement from Pinnacle Hill will accelerate Dr. James’ life changing work,” said Vice Chancellor for Research and Pinnacle Hill Steering Committee Member Terry Magnuson. “The project is a testament to the power of the partnership between Deerfield and UNC-Chapel Hill.”

Launched in October 2018, Pinnacle Hill was established with a $65 million funding commitment from Deerfield to accelerate the development and translation of these biomedical and life-science innovations to address the significant unmet medical needs.

Pinnacle Hill focuses on drug research projects that are approved and overseen by a joint steering committee comprised of members from UNC-Chapel Hill and Deerfield leadership teams. Each selected project has the potential to receive funding to support investigational new drug enabling studies. UNC members of the joint committee are:

  • Terry Magnuson, UNC-Chapel Hill’s vice chancellor for research and Kay M. & Van L. Weatherspoon Eminent Distinguished Professor of genetics
  • Dr. Blossom Damania, the Boshamer Distinguished professor of microbiology and immunology and vice dean for research in the UNC School of Medicine
  • John Bamforth, director, Eshelman Institute for Innovation

“The goal of our alliance with UNC-Chapel Hill is to identify and advance the most important discoveries that could improve the lives of patients and their families,” said James E. Flynn, Managing Partner at Deerfield. “Professor James’ work exemplifies this and is outstanding. We are delighted to advance her novel research and are optimistic about continued progress in Dr. James’ laboratory as well as other milestones to come at UNC. They have been a great partner.”

Academic Collaborations

Deerfield Management recognizes that investigators at academic research institutions provide much of the novel insights that advance our understanding of disease. However, at any research institution, the most commercially promising innovations eventually outgrow the lab, requiring greater resources and more focused development expertise than an academic setting can typically provide.

To bridge that gap, Deerfield partners with leading academic research centers from across the country, providing critical funding and expertise to further sustain and accelerate the commercialization of discoveries toward meaningful societal impact by advancing cures for disease.

Together with its academic partners, Deerfield has created 16 spin-off companies to date that are supporting key avenues from concept to spin-out of novel therapeutic discoveries, as well as an incubator focused on innovative cardiovascular devices.

Deerfield’s 16 academic partnerships, involving 18 institutions, include Boston Children’s Hospital, University of Michigan, Yeda Research and Development Co. Ltd., the commercial arm of the Weizmann Institute of Science; Duke University; Columbia University; Northwestern; Harvard; Vanderbilt; Johns Hopkins; Dana Farber; the Broad Institute; University of North Carolina-Chapel Hill; University of California-San Diego; and the University of Illinois at Chicago. Deerfield also has a combined association with Rockefeller University, Cornell, and Memorial Sloan Kettering Cancer Center through their joint discovery unit, the TDI. Finally, Deerfield has a project-specific collaboration with MD Anderson Cancer Center.

Far beyond its financial resources—with its long vision, operational expertise, and command in the life science and healthcare space for more than two decades, Deerfield is uniquely positioned to support all stages of development from early-stage to market—advancing science and enabling the translation of ideas into medicines.

Deerfield Management Brings Together Scientists, Entrepreneurs and Leading Companies to Form the New York-Based Healthcare Innovation Campus

$635 million in real estate and multi-disciplinary laboratory infrastructure will combine with multi-billion dollar investments in research to transform the battle against disease

NEW YORK, NY, September 26, 2019—In a major move, Deerfield Management Company, L.P.  is investing $635 million to create a transformative life sciences campus in New York City, designed to integrate the capabilities of innovators from academia, government, industry and the not-for-profit sectors to tackle unmet needs in healthcare. Deerfield additionally announced that it intends to commit more than $2 billion in research and seed funding by 2030 to develop much-needed new and innovative medicines and treatment solutions.  Deerfield expects this world-class infrastructure and funding to contribute to the prevention, cure or management of dozens of still deadly and debilitating diseases.  

As the foundation of this bold undertaking, Deerfield has acquired the 345 Park Avenue South property, which boasts more than 300,000 square feet. The site, designated a NYCLifeSci campus, will bring together scientists, entrepreneurs and leading organizations from around the world to work shoulder-to-shoulder to conceive of and develop new treatments and better ways to prevent and defeat disease. The campus will provide turnkey laboratories, and engineering and computing space, as well as other amenities and supportive services.  

“We are proud to be part of a community of people in New York who strive to save and extend lives. Creating an environment in which innovative thinking, ground-breaking advances in scientific discovery and where the development of new paradigms of patient care will occur every day is tremendously exciting,” said James Flynn, Managing Partner of Deerfield.  

“We are thrilled that our partnership with Deerfield will not only create quality jobs for New Yorkers but will also help provide a home for emerging companies to develop breakthrough scientific discoveries. New York City already has the best research institutions in the world. By investing in this Life Sciences campus to bring new lab space and programming for healthcare and early-stage biotech companies, we can strengthen the City’s position as a global leader in life sciences,” said NYCEDC President & CEO James Patchett.

The $540 million in financing for the acquisition and renovation of this world-class facility was led by Blackstone Real Estate, which has been a strong supporter of life sciences.  

Nadeem Meghji, Senior Managing Director, Head of Real Estate Americas at Blackstone said, “We are thrilled to finance this important project, which will advance life sciences research in New York City. With our investment in BioMed Realty, and elsewhere across our businesses, life sciences is among our highest priority investment sectors. We look forward to continuing to support the growing demand for research and innovation.”

The building construction and programming is being backed by the New York City Economic Development Corporation and Industrial Development Agency. It is expected to be in move-in ready condition for Deerfield and other innovators in healthcare by early 2021.

Due to obstacles, including a lack of capital and siloed approaches, promising new therapies and improvements in care management frequently fail to make it to patients. In addition to leveraging the value of public and private organizations in developing solutions, the Deerfield innovation campus will pursue all forms of technology, including digital, medical device and biotherapeutic approaches.  

“Many leaders have come together to build this incredible ecosystem, capable of accelerating the fight against disease. This campus should create the ideal backdrop to advance innovation,” said Alex Karnal, Partner and Portfolio Manager at Deerfield. “We are grateful to our partners, including the New York City Economic Development Corporation and Blackstone, as without them, this ambitious project might not have been possible.”

Having proven its ability to mobilize innovators in this space, MATTER, a healthcare focused incubator, in collaboration with Deerfield, will be supporting startups of all stages within the innovation campus.  MATTER has developed extensive specialized programs to train C-suite executives in the early stages of their career and to introduce young companies to established organizations for mentorship, collaboration and potential acquisition.  Combined with Deerfield’s operating support capabilities which extends to legal, finance, information technology, human resources, and market research, among other skillsets, companies formed within the campus will have unparalleled access to capabilities of the highest quality at low cost.

“Deerfield’s expertise and resources, combined with MATTER’s capabilities and experience, will create a healthcare and life sciences campus unlike any other,” said MATTER CEO Steven Collens. “We are thrilled to be a part of this endeavor to help entrepreneurs and innovators develop technologies and solutions that will improve the healthcare experience.”

Along with new educational programming being developed—and to complement the services provided by MATTER—Deerfield also announced that it will be growing its existing Deerfield LifeSci NYC Fellows and Break into the Boardroom programs. Deerfield additionally introduced a new initiative, Women in Science, focused on training women on how to commercialize their potentially lifesaving discoveries and create companies. The investment company has a rich history of developing and leading programs supporting diversity.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-551-1600
[email protected]

Columbia University and Deerfield Management Launch Hudson Heights Innovations

Deerfield commits up to $130 million to accelerate drug discovery at Columbia

(New York, NY, June 5, 2019)—Columbia University and Deerfield Management, a healthcare investment firm, today announced the creation of a major research and development alliance. The collaboration is intended to advance the translation of biomedical discoveries into transformative treatments for improved quality of life and cures for disease.

Through a newly launched company called Hudson Heights Innovations, up to $130 million of initial funding will be made available to back the initiative over 10 years by Deerfield and its partners. In addition, Deerfield will provide development expertise in support of innovative drug research across a span of high-need therapeutic areas, as well as those targeting patients who suffer from hard-to-treat and rare diseases. 

With the Columbia side led by Columbia Technology Ventures, the alliance is expected to catalyze the development of novel therapeutics out of the research labs of Columbia University and accelerate these discoveries toward clinical validation in patients.

“Much of our research is aimed at understanding at the molecular level how diseases develop and how we can intervene with drugs or other therapeutics,” said Lee Goldman, MD, Dean of the Faculties of Health Sciences and Medicine and Chief Executive of Columbia University Irving Medical Center. “The goal of our alliance with Deerfield is to shepherd those discoveries into clinical development as rapidly as possible and create new therapies that improve the lives of patients.” 

Each year, Columbia University researchers create more than 400 scientific inventions, which ripen into over 200 new patent applications, over 100 licenses to industry, and over 20 new intellectual property-backed startups. These inventions eventually save and improve the lives of people around the world, and the revenue generated flows back to the inventors and university to help catalyze new research breakthroughs in the future. 

“The life science inventions emerging from Columbia’s research labs are often incredibly promising, with a high potential for making a transformative impact on human health.  However, basic scientific research needs validation in preclinical and clinical-stage development before it can make a difference in patients,” said Orin Herskowitz, executive director of Columbia Technology Ventures. “Beyond the funding itself, the drug development, commercialization and operational expertise provided by Hudson Heights Innovations will hopefully ensure that more of these inventions make a positive impact in society, as quickly as possible.” 

Starting this fall, Columbia researchers will have the ability to submit proposals on projects for consideration by a Hudson Heights Innovations committee comprising scientific leadership representing both Columbia and Deerfield.  Accepted projects will include a development plan aimed at achieving Investigational New Drug (IND) readiness. Deerfield will provide funding and operational support for accepted projects, and successful projects that achieve IND-enabled status may be eligible for additional capital from Deerfield. 

“We hold Columbia’s research enterprise—a city in itself of preeminent research centers and institutes—in the highest regard. And we believe that New York City is on its way to becoming a leading life science capital and the perfect venue for our collaboration with Columbia, as we collectively seek to develop new medicines to address unmet medical needs,” said James E. Flynn, managing partner at Deerfield. “The Columbia investigators will have Deerfield’s support to expedite the drug development cycle, which we expect will allow patients to receive treatments faster and physician-scientists more time to turn their attention to the next discovery.”
Under the terms of the agreement, Hudson Heights Innovations would receive an option to license Hudson Heights Innovations-funded intellectual property developed at Columbia.

About Columbia University

Among the world’s leading research universities, Columbia University in the City of New York continually seeks to advance the frontiers of scholarship and foster a campus community deeply engaged in understanding and confronting the complex issues of our time through teaching, research, patient care and public service. The University is comprised of 16 undergraduate, graduate and professional schools, and four affiliated colleges and seminaries in Northern Manhattan, as well as a wide array of research institutes and global centers located in major cities around the world. More than 40,000 accomplished students, award-winning faculty and professional staff define the University’s underlying values and commitment to pursuing new knowledge and educating informed, engaged citizens. Founded in 1754 as King’s College, Columbia is the fifth oldest institution of higher learning in the United States.

About Deerfield Management

Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy. 

Contact

Connolly Jurkiewicz, [email protected], 212-854-3576
Karen Heidelberger, [email protected], 212-551-1600