Pfizer, AstraZeneca team up in Montreal

Pfizer Inc. has announced a public-private partnership with AstraZeneca and the government of Quebec that will bring Big Pharma, academia, biotech and venture capitalists to the table in a venture known as the Neomed Institute in Montreal.

The $100 million research center will house specialized equipment and bring in specialized talent. Quebec will kick in $125 million and a refundable tax credit to help pay the salaries of biotech experts.

The idea is to promote early-stage drug collaborations and create more efficient use of resources.

The initial Neomed staff will be composed of 15 but is expected wind up at 100.

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