Bristol-Myers Squibb has linked arms with capital investment group Allied Minds to form a new joint enterprise focused on pushing academic discoveries into clinical development.

Jointly-owned Allied-Bristol Life Sciences LLC will seek out and foster the research and preclinical development of promising biopharmaceutical innovations from leading university research institutions across the US.

Those programmes cherry-picked by the group for support will benefit from access to B-MS’ drug discovery expertise and Allied’s financial and management experience, the firms said.

In a fresh approach to drug development, the enterprise will form and fund new companies to conduct feasibility and full-phase discovery programs. Once a program succeeds in identifying a preclinical candidate, B-MS will have the option to acquire the company from Allied-Bristol Life Sciences LLC under pre-agreed terms.

“We believe this new venture will enhance the translation of early-stage academic research and will ultimately help advance important potential new medicines more efficiently,” noted Carl Decicco, Head of Discovery at the US drugmaker.