Simmons & Simmons has advised GlaxoSmithKline (GSK) on the establishment of an innovative joint venture investment fund.

The joint venture fund has been established through a limited liability partnership entity under the name Apollo Therapeutics LLP between GlaxoSmithKline, Johnson & Johnson Innovation and AstraZeneca, Imperial Innovations, UCL Business and Cambridge Enterprise.

The core objective of the joint venture is to fill a funding gap that will see academically funded biomedical research transform into mature and qualitative drug discovery projects. The projects, which will be based on research emerging from Imperial College of Science, Technology and Medicine, University College London and/or the University of Cambridge, may then be licensed to industry partners for further development and commercialisation.

Simmons & Simmons drew on its unparalleled licensing expertise to bring together the necessary IP, regulatory, commercial, limited liability partnership and tax skills within its team to provide streamlined support to complete this sophisticated multi-party arrangement designed to generate novel therapeutics for the benefit of patients facing unmet medical needs.

Commenting on the transaction, intellectual property partner Michael Gavey said: “Through our comprehensive understanding of the academic and commercial drivers of the arrangement and its stakeholders, we were able to assist in navigating the complex legal and practical questions posed by this transformative deal, allowing us to find a solution which addresses all parties’ objectives to create a platform for the development of new medicines.”

The Simmons & Simmons team comprised Michael Gavey (IP), Lydia Torne (IP), Patrick Boyd (LLPs) and Martin Shah (Tax). Financial services regulatory advice was provided by Adam Blair.