AACR to Receive $2 Million to Support Innovative Research from UBS Oncology Impact Fund Managed by MPM Capital
PHILADELPHIA – The American Association for Cancer Research (AACR) will receive $2 million from the UBS Oncology Impact Fund (UBS OIF) managed by MPM Capital as part of an innovative partnership that supports potentially transformative cancer research.
“We are thrilled to receive this incredible gift from the UBS Oncology Impact Fund,” said Mitch Stoller, chief philanthropic officer and vice president of development of the AACR Foundation. “These funds will fuel the essential research needed to accelerate the novel discoveries and potential treatments that will make an important impact not only on the field, but for the patients dealing with this devastating disease.”
The UBS OIF is also making a donation of $2 million to the UBS Optimus Foundation to support access to cancer care in emerging markets. The total donation of $4 million is an annual record for the fund, which is intended to generate compelling returns for its investors while having a measurable social impact.
“The UBS Oncology Impact Fund is making encouraging progress on its financial and societal objectives, with another year of strong returns resulting in record donations toward fighting cancer,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We look forward to the fund setting more records in future years as it works towards fulfilling its long-term potential.”
In 2018, the AACR received an inaugural gift of $1.2 million from UBS OIF, so donations to AACR from the fund so far total well over $3 million.
The donations come from the performance fees of the UBS OIF managed by MPM Capital, a fund that invests in biotechnology companies, both public and private, that are developing oncology treatments. In the future, the fund also intends to donate 1 percent of the revenues on treatments from participating companies in which the fund has invested.
“To witness the growth of this critically important collaboration has been so rewarding,” said Christiana Bardon, MD, MBA, managing director of the UBS Oncology Impact Fund and trustee of the AACR Foundation. “We are continually hopeful that this support will catalyze the next wave of advancements in the field, leading us closer to finding new ways to prevent, treat, and potentially cure cancer.”
The AACR-MPM Oncology Charitable Foundation Transformative Cancer Research Grants Program announced late last year its inaugural research funding, grants totaling $800,000 to early-career investigators.
The AACR plans to announce another grants opportunity funded by the UBS OIF gift later this year. Research under the program must represent a highly innovative approach to a major problem or challenge in cancer research that might not be funded through more conventional channels. Projects are expected to catalyze important advances in cancer research and should have a potentially transformative impact on future clinical practice.
When it was launched in 2016, the UBS OIF was the largest ever health care impact investment vehicle and was the first impact fund investing exclusively in cancer therapeutics. Through the innovative impact structure of UBS OIF, MPM Capital is committed to funding academic research to develop novel cancer treatments in addition to providing access to cancer care in the developing world.