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Deerfield partners with Empire Discovery Institute to accelerate new drug development

By Jesse Schwartz
Published: May 5th, 2021

Healthcare investment firm Deerfield Management Company has partnered with the Empire Discovery Institute (EDI), a drug development accelerator based in New York, to advance novel therapeutics from the lab to the marketplace.

Deerfield and EDI have launched a new company, Empire Deerfield Discovery & Development (ED3) to boost the discovery and development of drugs coming out of the University of Rochester, the University at Buffalo and Roswell Park Comprehensive Cancer Center. It’s just the latest of Deerfield’s growing companies spinning out technologies from major research universities

“These institutions represent a major innovation hub, and focusing on translating their science may change the course of disease for many,” says James Flynn, Deerfield managing partner. “We look forward to supporting the world class science, investigators and leadership as they aim to create new cures for patients.”

Through the partnership, Deerfield plans to invest up to $65 million over the next five years to support ED3’s mission.

Satish K. Tripathi, president of the University at Buffalo and chair of EDI, comments, “The Deerfield partnership gives our faculty researchers access to additional funding and expertise to help them move their innovations from an idea to the market, bringing new life saving drugs to improve the health and well-being of individuals, communities, and society.”

Mark Taubman, CEO of the University of Rochester Medical Center, says, “The new investment by Deerfield will strengthen this unique partnership between research institutions in Rochester and Buffalo, help accelerate the process of bringing new drugs to market, and position Western New York and the Finger Lakes as a hub for life sciences research.”

Source: Rome News-Tribune

Posted under: Tech Transfer e-News

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