Updated on 20 May 2013
Bayer HealthCare, University of California and Mission Bay Capital are on a start-up hunting spree
Singapore: Bayer HealthCare, the University of California (UC), and seed-stage funding firm Mission Bay Capital have signed a three-year deal to jointly evaluate, fund and work with start-up companies.
The partnership will provide quick access to young companies working on drugs and diagnostics in several areas of interest, including oncology, cardiology, hematology, women's health and ophthalmology. The deal will also connect Bayer with up-and-coming technology, including synthetic biology and gene therapies.
Dr Chris Haskell, head, US Science Hub, Bayer, said that, "There are places where we want to stay involved because we can see the potential importance. We won't move into a totally new therapeutic area with a startup, but we are looking to develop relationships in emerging technologies."
Interestingly, Bayer's US Science Hub and CoLaborator incubator is located across Third Street from the University of California's San Francisco's (UCSF) Mission Bay campus.
Bayer is the first big pharma player to publicly come forward under the latest plan by the California Institute for Quantitative Biosciences (QB3), to spin out research from UC Berkeley, UC Santa Cruz and UCSF into standalone companies.