On May 27, 2020, the University of Michigan and healthcare investment firm Deerfield Management entered into an agreement to partner in the development and commercialization of therapeutic projects that hold promise in solving unmet medical needs. Deerfield has created a company named Great Lakes Discovery through which it will work with the University of Michigan, and committed up to $130 million over the next decade to invest in biomedical research at U-M with the aim of developing potentially life-saving drugs and disease treatments.

Projects selected by Great Lakes Discovery will be provided funding and operational support by Deerfield for a development plan aimed at achieving Investigational New Drug (IND) readiness. Successful projects that achieve IND-enabled status may be eligible for additional capital from Deerfield. Great Lakes Discovery, in exchange for funding, would receive an option to license intellectual property that is developed at U-M under this agreement. www.deerfield.com

More about the program & submission process: https://greatlakes-discovery.com/index.html#home-about