Date: 2018-05-31
Type of information: Collaboration agreement
Compound: LAB591 to build new companies in cancer and infectious diseases
Company: Arix Bioscience (UK) Evotec (Germany) Fred Hutchinson Cancer Research Center (USA - WA)
Therapeutic area: Cancer - Oncology - Infectious diseases
Type agreement: collaboration
Action mechanism:
Disease: cancer, infectious diseases
Details:
- • On May 31, 2018, Arix Bioscience, a global healthcare and life science company supporting medical innovation, announced the formation of the LAB591, an academic “BRIDGE” collaboration with the Fred Hutchinson Cancer Research Center and Evotec.
- LAB591 aims to accelerate research discoveries at Fred Hutch and leverage these discoveries to form new companies focused on cancer and infectious disease drug development. Arix, Evotec and Fred Hutch plan to jointly select promising LAB591 research projects from the Fred Hutch labs. After developing a research validation plan, Evotec will conduct research in collaboration with the Fred Hutch faculty which will be seed funded by Arix. Once completed, and subject to the results, Arix and Evotec have a pre-agreed option to form a new company, in which both parties will have an equity interest.
- The name of the BRIDGE “LAB591” is in honourable memory of the brother of Dr William Hutchinson who founded Fred Hutch. His brother, Fred Hutchinson, died of cancer at an early age in the midst of his professional baseball career. Fred was a major-league pitcher who threw 591 strikeouts during the course of his career and the partners chose “LAB591” as a tribute to his legacy.
Financial terms:
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Is general: Yes
