AstraZeneca, Pfizer team up with Quebec to create new research centre
AstraZeneca and Pfizer have announced a new approach to drug development, through a public-private partnership with the Quebec government. The three partners aim to bridge the gap between early-stage research and later-stage drug development. To do this, they will create the N?OMED Institute, a new life sciences research facility in the Canadian city of Montreal, which will host researchers, university officials and employees from the pharmaceutical companies, as well as venture capitals.
The Quebec government, AstraZeneca and Pfizer will together spend US $100 million on the venture, with AstraZeneca contributing the largest portion of the financing and the land.
“The cost of discovering new drugs keeps rising and pharmaceutical companies need to adapt. The N?OMED Institute, acting as a competitive actor in the drug development sector, will allow Québec’s scientists to make the bridge between academic innovations and commercial opportunities in a better way.”
Max Fehlmann, the Neomed Institute’s new CEO and president.
“[Friday’s] announcement is a strong testament to AstraZeneca’s commitment to biopharmaceutical research and development in Quebec and Canada. Through the creation of the N?OMED Institute, we’re proud to be working in collaboration with our partners to advance drug discovery and bridge the innovation gap through to successful commercialization.”
Elaine Campbell, President, AstraZeneca Canada Inc.
The N?OMED Institute research centre will house rare and highly specialized laboratory equipment specifically designed for the discovery of molecule drugs. The Institute will try to attract new funds by showcasing the results of its local research to international investors.
Last week, Quebec’s Finance Minister, Nicolas Marceau, said the Canadian province would increase refundable tax credits for R&,D salaries in the pharmaceutical industry from 17.5% to 27.5%. The government also announced it will spend US $125 million to match funding over five years to foster private-public research partnerships in the sector.
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