LONDON, Jan 25 (Reuters) - GlaxoSmithKline,AstraZeneca and Johnson & Johnson have joinedwith three leading British universities to create a new 40million pounds ($57 million) fund backing early drug research.
The Apollo Therapeutics Fund, which aims to improve thespeed and potential of university research being translated intonew medicines, is a further example of a trend by Big Pharma totap into academic science in the hunt for treatments.
Each of the companies will contribute 10 million pounds oversix years, with technology transfer offices of Imperial CollegeLondon, University College London and the University ofCambridge paying in 3.3 million each, the fund said on Monday.
Apollo aims to advance academic preclinical research to thepoint where it can either be added to the portfolio of one ofthe industry partners, following an internal bidding process, orbe out-licensed to another party.
($1 = 0.6997 pounds) (Reporting by Ben Hirschler; Editing by Mark Potter)