AMRI ($AMRI), in the process of consolidating its drug discovery services, is teaming up with life sciences giant PerkinElmer ($PKI) to accelerate a new biomedical hub in Buffalo, NY.
The outpost, dubbed the Buffalo Medical Innovation and Commercialization (BMIC) Hub, is a public-private endeavor designed to jump-start the area's life sciences industry and eventually create 250 jobs. The idea is to unite service providers of various types to create an R&D conglomerate that can assist local researchers and startups with early-stage development.
AMRI became an anchor partner earlier this year, shifting its formerly disparate discovery operation to the campus and offering its services to the BMIC. Now, with PerkinElmer stepping in to provide informatics technology and research instruments, AMRI believes its BMIC-partnered discovery operation will be able to better compete for partnerships.
"PerkinElmer's technologies will provide us with the ability to acquire, manage, integrate and analyze large complex data from the various translational platforms needed to drive better decisions in drug discovery," AMRI Senior Vice President Michael Luther said in a statement. "This will enable us to accelerate the knowledge and information our customers and partners need and strengthen our end-to-end integrated discovery offerings."
AMRI, which makes most of its revenue from contract manufacturing, has been paring down its efforts in drug discovery over the past few years, shuttering sites and adapting to a dip in demand by betting more on production. Last quarter, the Albany-headquartered company boosted its revenue by 38% but swung to a net loss due to the ongoing costs of its protracted transition.
- read the statement