Toronto Innovation Acceleration Partners (TIAP) and Evotec (NASDAQ:EVO; FSE: EVT) have expanded LAB150, their translational BRIDGE partnership, to include Amgen (NASDAQ:AMGN) as a strategic partner.
The expansion includes a combined investment of $14-million (U.S.) to expedite LAB150 programs towards the formation of new companies.
LAB150 was created by TIAP and Evotec in 2017 to accelerate Toronto’s academic research into market-ready products. The expanded agreement builds on existing partnerships between TIAP, Evotec, and Amgen to support the development of disruptive therapeutics by TIAP’s member base and draws on Evotec’s industrialized drug discovery platforms.
Amgen will provide financial support for chosen LAB150 projects along with significant mentorship from their drug discovery and development teams. In addition, Amgen Ventures will evaluate LAB150-derived companies for venture investment.
“Together with Evotec, we look forward to collaborating with Amgen to bring enhanced expertise and capital to LAB150 to enable life science company creation,” Parimal Nathwani, president and CEO of TIAP, said in a statement.
LAB150’s track record includes more than 150 projects evaluated, and ten projects currently being supported, with more than $7-million (U.S.) invested.
