IP2IPO in 25 year university-wide partnership with the University of York
Posted on 13 March 2006
It builds on IP2IPO's current partnership with the University's Centre for Novel Agricultural Products, a flagship research centre that specialises in plant and microbial gene discovery.The partnership will add an important dimension to the University's exploitation process, building further on the success of its new Enterprise and Innovation Office in identifying and mobilising intellectual property arising from the University's world class research base.
It will also play an important strategic role in strengthening the University's ability to interact with business for the benefit of the University and the economy.
I welcome this broadening of the University relationship with IP2IPO
Professor Brian Cantor
IP2IPO has agreed to work with the University of York to identify and facilitate the formation of spin-out companies from across the institution and to invest an initial fund of £5 million in such companies in return for equity stakes. IP2IPO will also receive 10% of any income which York receives from licensing during the 25-year lifetime of the partnership.
Alan Aubrey, Chief Executive of IP2IPO, commented: "We are very pleased to be entering into this wider partnership with the University of York. We have developed an excellent working relationship at all levels within the University over the last two and a half years and we believe that the quality of research together with the entrepreneurial spirit at York provide the potential for us to create an exciting portfolio of spin-out companies and to generate further value through licensing."
Professor Brian Cantor, Vice-Chancellor of the University of York, said: "I welcome this broadening of the University relationship with IP2IPO. It will complement our world-class research and enable us to create new knowledge-based businesses for the benefit of the University and the economy, locally, regionally and nationally."
Notes to editors:
- For more information please contact:
IP2IPO, Alan Aubrey, Chief Executive Officer on 020 7489 5200
Buchanan Communications, Tim Anderson, Mark Court, Mary-Jane Johnson on 020 7466 5000 - The University of York was founded in 1963 and now has 10,700 students and 3,000 staff with more than 30 academic departments and research centres. It is regularly ranked in the top ten of UK universities and 18 departments received a 5 or 5* rating in the most recent Research Assessment Exercise, including the departments of Computer Science, Biology (old), Chemistry and Mathematics. The University of York is ranked 6th in the UK for research quality and is the most research-efficient university in the UK. It is ranked 34th in the world for biomedicine and has major international partnerships through the Worldwide Universities Network (WUN) with universities in the USA and China.
- Under the terms of the partnership, IP2IPO will also receive 25% of the equity in any spin-out company from the University at the time that the company is established, prior to investment, if IP2IPO invests in the company from the fund, and 15% of the equity if it does not invest from the fund.