UPMC Enterprises, the investment and innovation arm of healthcare provider University of Pittsburgh Medical Center (UPMC), announced on Tuesday it plans to invest $1bn in the development of drugs, diagnostics and devices by 2024.

The figure includes a $200m partnership with University of Pittsburgh, announced in early 2018, to establish the Immune Transplant and Therapy Center. The hub will focus on the development of immunotherapies for a wide range of diseases.

UPMC is closely affiliated with University of Pittsburgh’s Schools of the Health Sciences but has grown into a large non-profit healthcare and insurance provider that operates 40 hospitals employing 4,900 doctors and 89,000 staff.

UPMC Enterprises invests both externally and supports internal innovation. The unit has established five companies over the past two years, such as Generian, which focuses on age-related diseases and exploits research from University of Pittsburgh.

The unit has also funded more than 30 internal research projects. Its most recent external commitment was in a $56m series A round for cancer biotherapeutics developer Werewolf Therapeutics in November 2019.

UPMC Enterprises will invest the $1bn commitment globally, while focusing on deals that benefit scientific and commercial work already being conducted in the Pittsburgh ecosystem.

The vehicle typically focuses on immunotherapies for cancer, transplantation and age-related conditions, as well as retinal and respiratory diseases, autoimmune conditions and neuroinflammation.

Jeanne Cunicelli, executive vice-president of UPMC Enterprises, said: “The common link among our investments will be that each has a direct and powerful impact on how we care for patients, while generating a significant financial return.

“As important as the funding is the unparalleled scientific and medical expertise backing our ideas, thanks to resources provided by UPMC and our academic partner, University of Pittsburgh.”

The original version of this article appeared on our sister site, Global University Venturing.

UPMC Enterprises, the investment and innovation arm of healthcare provider University of Pittsburgh Medical Center (UPMC), announced on Tuesday it would invest $1bn in the development of drugs, diagnostics and devices by 2024.
The figure includes a $200m partnership with University of Pittsburgh, announced in early 2018, to establish the Immune Transplant and Therapy Center. That hub will focus on the development of immunotherapies for a wide range of diseases.
UPMC is closely affiliated with University of Pittsburgh’s Schools of the Health Sciences but has grown into a large non-profit healthcare and insurance provider that operates 40 hospitals employing 4,900 doctors and 89,000 staff.
UPMC Enterprises will invest the $1bn commitment globally, while focusing on deals that benefit scientific and commercial work already being conducted in the Pittsburgh ecosystem.
The division typically focuses on immunotherapies for cancer, transplantation and age-related conditions, as well as retinal and respiratory diseases, autoimmune conditions and neuroinflammation.
Jeanne Cunicelli, executive vice-president of UPMC Enterprises, said: “The common link among our investments will be that each has a direct and powerful impact on how we care for patients, while generating a significant financial return.
“As important as the funding is the unparalleled scientific and medical expertise backing our ideas, thanks to resources provided by UPMC and our academic partner, University of Pittsburgh.”
UPMC Enterprises invests both externally and supports internal innovation. The unit has established five companies over the past two years, such as Generian, which focuses on age-related diseases and exploits research from University of Pittsburgh.
It has also funded more than 30 internal research projects. Its most recent external commitment was a $56m series A round for US-based cancer biotherapeutics developer Werewolf Therapeutics in November 2019.