ALM.L Share News (ALM)

Allied Minds' joint venture with Bristol-Myers Squibb, Allied-Bristol, has sealed a deal to licence intellectual property to develop treatments for chronic fibrotic and autoimmune diseases with Harvard University.Allied Minds said it has an agreement for work developed in Professor Malcolm Whitman's lab at the Harvard School of Dental Medicine.The research has found lead molecules which could be used to treat conditions such as fibrotic and autoimmune disease, Allied Minds said in a statement.Whitman said the research is at the right stage for an "infusion of resources and expertise to accelerate its progression." "We look forward to seeing the development of lead compounds from our laboratories into novel therapeutics for the treatment of fibrotic disease, and potentially other indications," he added.At 10:41, Allied Minds shares were down 4.1% at 554.25, while shares in Bristol-Myers Squibb Company were at $66.80 when the market closed on Friday.