CHICAGO, May 5 /PRNewswire-FirstCall/ -- Sanofi-aventis and the Massachusetts Life Sciences Center (MLSC), a quasi-public agency tasked with implementing the State's ten-year, $1 billion Life Sciences Initiative, announced that sanofi-aventis has joined the Center's Corporate Consortium Program. The partnership was announced at the BIO International Convention, the largest global event for the biotechnology industry taking place this week in Chicago, Illinois.
Through their flagship Accelerator Program, the Life Sciences Center identifies and makes loans available to early-stage life sciences companies engaged in promising translational science and research. The Center also offers a Small Business Matching Grant (SBMG) program that matches federal SBIR and STTR grants. Members of the Corporate Consortium program contribute matching funds for the Center's investment activities, providing additional sources of capital and maximizing support for the Center's portfolio companies.
Under the newly announced partnership, sanofi-aventis will contribute funds to help support Massachusetts' commitment to grow and retain early-stage life sciences companies. This contribution will be pooled with existing MLSC resources to support the Accelerator Loan Program, which is designed to provide working capital to help sustain early-stage companies through critical stages of development. In addition to supporting life sciences within Massachusetts, the partnership will provide sanofi-aventis access to innovative ideas and technologies that may lead to the development of new healthcare solutions.
"As a global healthcare company, sanofi-aventis is looking to expand our Research & Development partnering activities to accelerate the discovery and development of new molecules and vaccines to improve patients' lives," said Dr. Paul Chew, U.S. Chief Medical Officer at sanofi-aventis. "Early-stage life science companies are a major source of innovation in developing health solutions, and partnerships like the Corporate Consortium are a foundation for progress. Massachusetts is home to a world-renowned life science and research community; we are proud to be a part of that community and to support cutting-edge developments and scientific breakthroughs."
The partnership with the Center underscores sanofi-aventis' commitment to scientific research and development of innovative solutions to unmet health needs both globally and at the local level. This is the first partnership that sanofi-aventis has entered to specifically support innovation in life sciences in Massachusetts.
"When we launched the Massachusetts Life Sciences Initiative in 2008, it was all about jobs and advancing scientific discovery," said Massachusetts Governor Deval Patrick. "We are excited to have sanofi-aventis join us on this journey."
"This year, our Accelerator Loan Program will invest up to $5.5 million in promising early-stage companies, building on the $3.4 million in loans that we made available last year," said Dr. Susan Windham-Bannister, Ph.D., President & CEO of the Massachusetts Life Sciences Center. "As this program continues to grow, we truly appreciate the support that leading private sector companies like sanofi-aventis provide to help our early-stage companies achieve product development milestones and bring new technologies to the marketplace."
"We welcome sanofi-aventis' shared commitment to growing early-stage life sciences companies in the Commonwealth. This partnership will help to further the commitment that the Commonwealth has made to promote the expansion of life sciences, which will in turn improve the health and lives of people around the world," said Charles Murphy, Chairman of the Massachusetts House Committee on Ways and Means.
With sales in 2009 of euro 29.3 billion, sanofi-aventis has nearly 105,000 employees in over 110 countries. Sanofi-aventis' U.S. headquarters are in Bridgewater, NJ, and the company has 15,000 U.S. employees.
About sanofi-aventis
Sanofi-aventis, a leading global pharmaceutical company, discovers, develops and distributes therapeutic solutions to improve the lives of everyone. Sanofi-aventis is listed in Paris (EURONEXT: SAN) and in New York (NYSE: SNY). For more information, visit: www.sanofi-aventis.us or www.sanofi-aventis.com.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center's mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community. For more information, visit www.masslifesciences.com.
About the Corporate Consortium Program
In order to leverage additional sources of capital and maximize support for its portfolio companies, the Center has developed a Corporate Consortium Program for corporate and investment partners to contribute matching funds for the Center's activities. Through a suite of initiatives, including direct grants and loans, the Center identifies and makes funds available to early-stage life sciences companies with a high-potential for commercialization, rapid growth, and downstream institutional financing.
Contacts: | |
Elizabeth Baxter | |
sanofi-aventis | |
(908) 340-7811 | |
Elizabeth.Baxter@sanofi-aventis.com | |
Angus McQuilken | |
Massachusetts Life Sciences Center | |
(617) 921-7749 | |
amcquilken@masslifesciences.com | |
SOURCE sanofi-aventis