Dundee University is set for a multi-million-pound windfall after a specialist Scottish drug discovery firm it helped to grow was bought out in a £280 million deal.
Experts at the institution worked with Edinburgh-based IOmet Pharma to develop IDO and TDO inhibitors rate-limiting enzymes that are key targets for the global pharmaceutical industry in the field of cancer immunotherapy.
On Monday, New Jersey-based global health care group Merck announced it had acquired IOmet and its clinical pipeline through its MSD subsidiary.
As the deal went through, IOmet chief executive Dr Alan Wise paid tribute to the role played by Dundee in the company’s success.
“As a company we have benefited from proximity to world-class life sciences research including the University of Dundee, an early stage collaborator with us on the IDO1 and TDO programs, and from supportive shareholders including the Scottish Investment Bank,” Dr Wise said.
“We now look forward to joining Merck and feel that this acquisition underscores the shared commitment we have to accelerating our programs to bring solutions to people who need them most.”
Eric Rubin, the Merck Research Laboratories vice-president and therapeutic area head, oncology early-stage development, said IOmet’s portfolio included brought “promising immunotherapeutic candidates”.
“By harnessing the power of the immune system, we are already witnessing great advancements in the treatment of cancer,” Mr Rubin said.