UPMC Enterprises plans to deploy $1 billion to develop new drugs, diagnostics and devices by 2024. UPMC Enterprises will seek investments and partners globally that complement the scientific and commercial work already underway in Pittsburgh. The commitment includes $200 million that has funded an immunotherapy-focused partnership with the University of Pittsburgh.

“The common link among our investments will be that each has a direct and powerful impact on how we care for patients, while generating a significant financial return,” UPMC Enterprises Executive Vice President Jeanne Cunicelli stated, who previously served as managing director at Bay City Capital in San Francisco. “As important as the funding is the unparalleled scientific and medical expertise backing our ideas, thanks to resources provided by UPMC and our academic partner, the University of Pittsburgh.”

Over the past two years, UPMC Enterprises has formed five companies in the translational sciences sector and invested in external biotech company Werewolf Therapeutics, as well as more than 30 research projects internally. With an initial focus on the use of immunotherapies for cancer, transplantation and diseases related to aging, the investment group has expanded its focus to include retinal and respiratory disease, autoimmune diseases, neuroinflammation and others.

UPMC has invested more than $800 million in its entrepreneurial efforts to date, primarily in digital health solutions, which have returned more than $1.5 billion.