April 16, 2018
MPM and AACR Announce Partnership in Cancer Research
The American Association for Cancer Research (AACR) and the UBS Oncology Impact Fund (OIF) managed by MPM Capital are extremely proud to announce the first funding gift to the joint AACR-MPM Transformative Cancer Research Grants Program* in support of innovative research that will accelerate breakthroughs against cancer. The first contribution from the fund to AACR – a total of US$1.2 million – was announced at the AACR Annual Meeting 2018, April 14–18. The fund is also due to donate a second US$1.2 million to UBS’s Optimus Foundation to support emerging market access to cancer care, or US$2.5 million in total.
“Cancer is the second leading cause of death globally, and much more research is urgently needed if we are to markedly reduce the incidence, morbidity, and mortality of this devastating disease. The AACR is deeply grateful to UBS and MPM Capital for their extraordinary commitment to this partnership, as this funding will help further ignite high-impact, transformative research that will catalyze advances in cancer research, result in the development of novel products and have a significant impact on future clinical practice,” said Margaret Foti, PhD, MD (hc), Chief Executive Officer of the AACR.
The OIF is a first-of-its-kind social impact fund dedicated to investing in oncology therapeutics. The fund was structured and raised by UBS and is managed by MPM. With US$471 million at its close in April 2016, the fund invests across a spectrum of companies, from early-stage start-ups through public companies. These companies are developing transformative cancer therapeutics that aim to have a significant impact on improvements in patient outcomes and well-being.
In addition to compelling financial returns, the OIF seeks to make a positive, measurable social impact. The OIF is donating a portion of its own profits from the fund as well as future royalties on many of the drugs developed by fund portfolio companies. In addition to the funds dedicated to the AACR-MPM Transformative Cancer Research Grants Program, the OIF is dedicating an equal portion to the UBS Optimus Foundation to provide access to cancer care in the developing world, where cancer kills more people than AIDS, malaria, and tuberculosis combined. This first funding contribution to the joint AACR-MPM grant marks only the beginning of the material financial contributions and impact that the OIF hopes to achieve over its long-term lifespan.
Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, says: “Over the next two decades, growth in cancer cases will outpace population growth by a factor of three, and the greatest need for funding is early-stage therapies. We are very pleased that an impact approach to oncology investment appears capable of doing good for our clients and patients as well as generating a compelling financial return.”
“MPM’s approach to investment – not just investing in innovation, but innovating in investment – is directly aligned with the AACR’s strategy of driving research and innovation to patient care,” said Christiana Bardon, MD, MBA, Managing Director of the OIF. “This fund establishes a new investment model that partners private funds with public philanthropy and has the potential to revolutionize how we finance groundbreaking research and global access to cancer care and health care in general.”
Twenty percent of the committed capital in the OIF is dedicated to public equity investments, and the balance to private companies. These investments are diversified across rapidly evolving, novel treatments including antibody technology, cancer vaccines, checkpoint inhibitors, immune stimulators, targeted therapies, targeted radiotherapeutics, oncolytic viruses, and cell therapies. The unique structure of the fund supports its early progress, and as the companies continue to grow and mature throughout the fund’s lifecycle, the impact contributions to research and care will reflect this growth.
The AACR and MPM are now establishing an expert Scientific Advisory Board whose members will be tasked with selecting the grant recipients of the AACR-MPM Transformative Cancer Research Grants Program that will benefit the full spectrum of cancer research.
“Our hope is that cancer therapies generated from the fund will lead to dramatic improvements in the outcomes of patients’ lives. I am excited about the promising academic research that will be funded by this grants program and the likely transformative impact these new discoveries will have on future clinical practice,” said OIF Scientific Advisory Board member William C. Hahn, MD, PhD, Chief Research Strategy Officer and Chief, Division of Molecular and Cellular Oncology, Dana-Farber Cancer Institute and Institute Member, Broad Institute.
About the American Association for Cancer Research
Founded in 1907, the American Association for Cancer Research (AACR) is the world’s first and largest professional organization dedicated to advancing cancer research and its mission to prevent and cure cancer. AACR membership includes more than 37,000 laboratory, translational, and clinical researchers; population scientists; other health care professionals; and cancer advocates residing in 120 countries. The AACR marshals the full spectrum of expertise of the cancer community to accelerate progress in the prevention, biology, diagnosis, and treatment of cancer by annually convening more than 30 conferences and educational workshops, the largest of which is the AACR Annual Meeting with more than 21,800 attendees. In addition, the AACR publishes eight prestigious, peer-reviewed scientific journals and a magazine for cancer survivors, patients, and their caregivers. The AACR funds meritorious research directly as well as in cooperation with numerous cancer organizations. As the Scientific Partner of Stand Up To Cancer, the AACR provides expert peer review, grants administration, and scientific oversight of team science and individual investigator grants in cancer research that have the potential for near-term patient benefit. The AACR actively communicates with legislators and other policymakers about the value of cancer research and related biomedical science in saving lives from cancer. For more information about the AACR, visit www.AACR.org.
About MPM Capital
MPM Capital is a venture firm founding and investing in early-stage life sciences companies that seek to cure major diseases by translating scientific innovations into positive clinical outcomes. MPM’s portfolio of companies aims to revolutionize the face of medicine across multiple areas including cancer, neuroscience, metabolic disorders and regenerative medicine. With its experienced and dedicated investment team, executive partners and medical and scientific advisory board, MPM is powering novel medical breakthroughs that transform patients’ lives. MPM is currently investing from two funds – the BV2014 and UBS Oncology Impact Fund. For further information, please visit www.mpmcapital.com.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and four business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS’s strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets. UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
*Subject to final legal approvals.
Any investment opportunities arising out of this collaboration are restricted to specific qualifying investors only and will not be available for general distribution. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about the contents of this document, you should obtain independent professional advice. This information pays no regard to specific investment objectives, financial or tax situations or particular needs of any recipient. UBS does not provide legal or tax advice.
The UBS Oncology Impact Fund is formed and registered in the Cayman Islands. The UBS Oncology Impact Fund is not FINMA approved and may be distributed in or from Switzerland to qualified investors only. Representative in Switzerland is UBS Fund Management (Switzerland) AG, a wholly owned subsidiary of UBS AG with registered office at Aeschenplatz 6, CH-4002 Basel. Paying agent is UBS Switzerland AG and all its branches in Switzerland. The legal documentation pertaining to the UBS Oncology Impact Fund, as well as the unaudited quarterly reports and audited annual financial statements can be obtained free of charge from the Swiss Representative or from the Administrator and the place of performance and jurisdiction shall be at the registered office of the Swiss Representative.