US-based pharmaceutical company Bristol-Myers Squibb Company agreed on Tuesday to make a “significant investment” in LSP 5, the latest fund to be raised by healthcare investment firm LSP.
The capital will be provided as part of a strategic collaboration whereby the firms will partner to seek out European technologies and products in areas of unmet medical need, including immuno-oncology.
LSP is headquartered in the Netherlands, with offices in Germany and the USA. Immuno-oncology is currently its biggest focus, but the firm also identified cardiovascular diseases like heart failure and thrombosis, unspecified genetically defined diseases, fibrosis and immunoscience as areas of interest.
Paul Biondi, senior vice president of business development at Bristol-Myers Squibb, said: “Bristol-Myers Squibb is committed to working closely with the venture community to identify and invest in innovative science that has the potential to bring forward transformational medicines to patients with unmet need.”
The investment is the first Bristol-Myers Squibb has made in a Europe-based healthcare fund. Donnie McGrath, vice president of business development for Bristol-Myers Squibb, will join the LSP 5 advisory board.