AstraZeneca, GlaxoSmithKline and Johnson and Johnson to form research fund

AstraZeneca is allying with GlaxoSmithKline and Johnson and Johnson to create a new consortium called the Apollo Therapeutics Fund.

This translational research fund will see the companies working with Imperial College London, the University of Cambridge and University College London to convert outstanding science projects from the universities into innovative medicines.

Preclinical research pioneered by the universities will be taken through to the development stage, at which point it can either be taken forward by one of the industry members following an internal bidding process, or be licensed out.

Each industry member will contribute ten million pounds in funding to the venture over six years, with in-house expertise and additional resources provided to assist with commercial evaluation and development.

For projects that become successful therapies, the originating university will receive 50 percent of future commercial revenues or out-licensing fees, with the remaining 50 percent to be divided among all Apollo members.

Mene Pangalos, executive vice-president of the innovative medicines and early development biotech unit at AstraZeneca, said: "I am confident that by working with scientists from world-leading universities in the UK, we will help convert groundbreaking science into important new treatments for patients."