Illumina and Deerfield Management partner to accelerate drug development

Rhea-AI Summary

Illumina (NASDAQ: ILMN) and Deerfield Management have announced a five-year partnership aimed at revolutionizing drug discovery through a genetics-led approach. This collaboration seeks to enhance the identification of therapeutic targets and expedite the development of novel therapies for unmet medical needs. Leveraging genomic tools and artificial intelligence, the partnership aims to reduce the high costs and long timelines associated with drug development, fostering more efficient paths to market for potentially life-saving treatments.

Positive

• Partnership aims to lower R&D costs and accelerate therapy approval.
• Utilization of AI and genomic tools to enhance drug discovery success rates.
• Focus on unmet medical needs with potential for significant patient impact.

Negative

• None.

First-of-its-kind partnership will identify drug targets and accelerate novel therapy development using genomics and artificial intelligence

SAN DIEGO, May 5, 2022 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, and Deerfield Management, a healthcare investment management firm, today announced a five-year partnership to apply a genetic-led approach to the discovery and development of novel therapies for diseases with unmet medical needs. The partnership aims to leverage genomic tools and genetic knowledge to select programs with a higher probability of success in order to lower research and development costs and accelerate the approval of cutting-edge therapies.

"Currently, drug discovery is difficult, expensive, and slow, with 90% of therapies failing in development due to gaps in the biological understanding of the complex nature of many diseases," said Joydeep Goswami, Chief Strategy and Corporate Development Officer at Illumina. "Deerfield's Vice President of Genetics and Genomics, Matt Nelson, showed in his foundational work that genetic-based targets can improve success rates, speed to market, and cost. Combined with Illumina's expertise in applying artificial intelligence approaches to target discovery, we intend to drive a step-change in the pace and efficiency of therapeutic development."

The partnership combines Deerfield's expertise in closing the translational drug development gap and guiding drugs through preclinical development with Illumina's industry-leading genomic data generation and AI-based genome interpretation capabilities.

"Illumina is an innovative global leader in genomics," said James Flynn, Managing Partner, Deerfield Management. "Together, with Deerfield's expertise in translational research, the partnership will fuel advancements from idea to clinic more efficiently with the goal of treating some of the world's most life-threatening diseases."

"The next generation of drug discovery will be driven by advances in human genetics, functional genomics and data science," said Alex Aravanis, Chief Technology Officer at Illumina. "At Illumina, we have the ability to deeply understand disease biology by generating and interpreting genetic data at massive scale. With Deerfield's expertise in early-stage drug development, we expect to identify and develop new targets faster and with lower R&D costs, ultimately helping more patients access potentially life-changing therapies."

Under the terms of the agreement,  Illumina and Deerfield will identify therapeutic targets using Illumina's genetically-driven target discovery platform built with Illumina Connected Analytics and AI-driven genome interpretation solutions. Deerfield will provide its deep expertise in translational science to deliver genetically validated drug candidates through the discovery research phase.

Use of forward-looking statements

This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which Illumina's business is subject that could cause actual results to differ materially from those in any forward-looking statements are challenges inherent in developing, manufacturing, and launching new products and services, and Illumina's ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow its business, together with other factors detailed in Illumina's filings with the Securities and Exchange Commission, including its most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. Illumina undertakes no obligation, and does not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. To learn more, visit www.illumina.com and connect with us on Twitter, Facebook, LinkedIn, Instagram, and YouTube.

About Deerfield Management

Deerfield Management is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

Investors:
Salli Schwartz
+1.858.291.6421
ir@illumina.com

Media:
Adi Raval
+1.202.629.8172
ILMN-PR@illumina.com 

Caroline Drucker
+1.212.583.8296
cdrucker@deerfield.com 

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SOURCE Illumina, Inc.

FAQ

What is the recent partnership between Illumina and Deerfield Management about?

Illumina and Deerfield Management's partnership focuses on leveraging genetics and AI to improve the drug discovery process, aiming to develop novel therapies for diseases with unmet medical needs.

How long is Illumina's partnership with Deerfield Management?

The partnership between Illumina and Deerfield Management is set for five years.

What are the key goals of the Illumina and Deerfield collaboration?

The collaboration aims to identify therapeutic targets more effectively and reduce the costs and time associated with drug development.

What role does AI play in the Illumina and Deerfield partnership?

AI will be used to enhance the genomic data analysis and target discovery processes, increasing the probability of success in developing new therapies.

What is the expected outcome of Illumina's partnership with Deerfield Management?

The partnership is expected to accelerate the development of novel therapies and improve patient access to potentially life-changing treatments.