The pharmaceuticals giant Satsumas Australian subsidiary, has announced a $US100 million grant to research and develop new drugs for cancer, epilepsy and Alzheimer’s disease, with an aim to generate more than $US400 million by 2020.
The $US200 million grant will go towards creating new drugs with an effective cancer cure or a new class of drugs for seizure disorders.
The company said the funding would go towards “innovating new drugs in a wide range of indications”.
It will also help to support the development of new cancer drugs.
“Our research priorities for the next 12 months are focused on cancer and epilepsy as well as the potential for novel treatments for epilepsy, epilepsy disorders, Alzheimer’s, and other neurological disorders,” Satsume said in a statement.
“We have a great pipeline of promising candidates and we are now in the final stages of selection of promising drug candidates for the development and commercialisation of our therapies.”
The company’s chief executive, Tony Nunn, said the investment would support Satsuminas research into new treatments for cancer.
He said the company was “confident” the $US500 million funding would support the “development of new therapies in a range of conditions”.
“The funding will enable us to develop a portfolio of compounds that can help in the development, testing and commercialization of novel therapeutics for a range and/or class of cancers,” Mr Nunn said.
The Satsumenas announcement comes after a report in The New York Times last year said the Satsumi-owned company was facing competition from generic drugmakers.
“Australia is currently home to a substantial number of major pharmaceutical companies and research facilities,” the paper said.
“There are also significant domestic and international companies that are competing aggressively in this market.”
Satsums research into potential drugs for multiple diseases including Parkinson’s disease and Alzheimer`s disease.
“The next phase of development is to expand the clinical testing for all of the major diseases, particularly Parkinson’s and Alzheimer disease,” Sotsumas chief executive Tony Nott said in the statement.
The statement was released on Wednesday.