Deerfield Management, a healthcare hedge fund, has invested $100 million in a new research and development partnership with Cambridge, Mass.-based Harvard University, according to The Boston Globe.
The hedge fund will provide the funds to establish jointly operated company Lab1636, which will support the pioneering biomedical research with the aim of developing novel therapies.
"Lab1636 will offer sustained support to ensure breakthrough innovations have a reasonable shot at becoming new therapeutics," Isaac Kohlberg, senior associate provost and chief technology development officer at Harvard, told The Boston Globe.
Research and development projects funded by Lab1636 will be selected by a joint advisory committee.
Deerfield Management has similar deals in place with other organizations, including University of North Carolina at Chapel Hill, Northwestern University in Chicago, Johns Hopkins University in Baltimore and the Broad Institute of MIT and Harvard, in Cambridge.