U-M Medical School signs 'first of its kind' research deal with major pharmaceutical firm
U-M today issued a statement describing the deal as a "new type of agreement" in which scientists from the university and AstraZeneca's MedImmune unit will work together closely to pursue new technologies.
It was not immediately clear how the financial relationship between U-M and MedImmune would work or how much it's worth. A university spokeswoman was not available for comment. In its typical technology deals, the university secures licensing fees, royalties or equity in exchange for its intellectual property.
Researchers will aim to develop new drugs to treat afflictions like cancer, heart disease and digestive disease. Scientists at U-M's Comprehensive Cancer Center will be the first to collaborate with MedImmune under the new deal.
"This strategic partnership, one of the first of its kind for our institution, speaks to our desire to collaborate with industry to accelerate translation of U-M's cutting-edge research to impact patients," said Steven Kunkel, the U-M Medical School's senior associate dean for research, in a statement.
The deal comes as major pharmaceutical companies are increasingly outsourcing basic research and seeking collaborative relationships with universities to reduce their exposure to early-stage research.
United Kingdom-based AstraZeneca, which acquired MedImmune for $15.6 billion in 2007, has 61,100 workers and $33.55 billion in annual revenue, according to Yahoo! Finance.