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Bristol-Myers Squibb, BioMotiv join forces to launch drugs for unmet needs

Bristol-Myers Squibb Co. and BioMotiv LLC are collaborating to develop therapies for diseases with unmet medical needs.

Under the strategic partnership, the companies will jointly form and fund new companies to develop novel therapeutics in disease areas where unmet medical needs remain. New York-based Bristol-Myers will become a limited partner of BioMotiv with the option to invest additional funding in selected projects.

Bristol-Myers will have the option to acquire the company from BioMotiv under preagreed terms once a preclinical candidate molecule is identified.

Cleveland-based BioMotiv is a pharmaceutical accelerator that launches companies based on breakthrough discoveries from research institutions with an aim to advance them into human testing. BioMotiv is associated with The Harrington Project for Discovery & Development, a $380 million initiative for advancing medicine centered at University Hospitals in Cleveland.