UPMC to 'Deploy' $1B for Medical Start-ups

The commitment includes a $200 million immunotherapy-focused partnership with the University of Pittsburgh.

UPMC Enterprises said Tuesday that it will "deploy" $1 billion to develop new drugs, diagnostics and medical devices over the next four years.

"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," UPMC Enterprises Executive Vice President Jeanne Cunicelli said in a media release.

The commitment includes a $200 million partnership with the University of Pittsburgh. to establish the UPMC Immune Transplant and Therapy Center.

"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, the University of Pittsburgh," Cunicelli said.

Cunicelli said UPMC Enterprises will also look for partners globally that complement the scientific and commercial work already underway.

In the past two years, UPMC Enterprises has created five companies in the translational sciences sector and invested in external biotech company Werewolf Therapeutics, as well as more than 30 research projects internally.

The venture capital and commercialization arm of UPMC initially focused on immunotherapies for cancer, transplantation and diseases related to aging. However, their portfolio has expanded to include retinal and respiratory disease, autoimmune diseases, and neuroinflammation. 

UPMC has invested more than $800 million to date, primarily in digital health solutions, which have returned more than $1.5 billion.

Companies formed under UPMC Enterprises include Generian, BlueSphere Bio,  and Abound Bio.