MPM Capital Announces $100M Oncology Innovations Fund as Part of Novel Venture Philanthropy

Unique impact model also raises more than $26M in donations to support cancer research

MPM Capital (MPM) and Dana-Farber Cancer Institute have entered into a unique, first-of-its-kind, impact investing collaboration. The initiative combines fundraising for biotech venture capital investing with philanthropic fundraising for cancer research. This collaboration has successfully raised two funds: the MPM Oncology Innovations Fund (INV) with $100M in capital for creating and investing in early-stage biotech companies developing oncology therapeutic technologies; and the Dana-Farber Innovations Research Fund (IRF) with more than $26M in pledged donations to support early-stage oncology research at Dana-Farber.

“We are thrilled to have partnered with MPM on this innovative venture philanthropy model. We have generated substantial philanthropic support for exciting areas of cancer research at Dana-Farber, and MPM will support the creation of biotech companies that seek to bring new and advanced treatments to our patients,” said Laurie H. Glimcher, MD, President and Chief Executive Officer of Dana-Farber.

Qualified investors who donated to the Dana-Farber IRF were eligible to invest in MPM’s INV. Through INV, MPM intends to create and invest in early-stage companies developing innovative therapeutic technologies in oncology. MPM expects 50% of the capital from INV to be invested in new companies generated from Dana-Farber research. As part of the collaboration, MPM, through INV, has the right of first offer to license certain Dana-Farber technologies that have been identified for commercialization.

MPM and Dana-Farber have a history of creating companies together, including CoStim Pharmaceuticals, which was acquired by Novartis, and Tizona Therapeutics, which has a significant clinical-stage collaboration with AbbVie.

Dana-Farber’s Innovations Research Fund (IRF) is focused on basic research and is independently managed by a committee of Dana-Farber faculty research leaders. The committee will determine how to use the philanthropic funds through an RFP and competitive review process. The RFP process will continue twice a year for at least the next five years.

“The IRF will enable more of our faculty who are tackling fundamental questions to help improve our understanding of cancer development and progression. And through this unique collaboration with MPM, our faculty have a trusted partner to find opportunities to further advance their findings,” said Barrett J. Rollins, MD, PhD, Chief Scientific Officer Emeritus of Dana-Farber.

“With innovative new funding structures, such as the collaboration between MPM and Dana-Farber, we believe we can expand and accelerate important research efforts while putting in place a path for developing this research into novel therapeutics. We are honored to partner with one of the world’s leading cancer research centers to execute on this strategy and, having partnered before to bring groundbreaking science to patients, we are excited to continue working with our esteemed colleagues at Dana-Farber to advance the search for cancer cures,” said Ansbert Gadicke, co-founder and Managing Director at MPM Capital. INV furthers MPM’s commitment to exploring innovative impact models that give back to the research community and expands capital available for company formation and early-stage investments in the oncology arena.

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