Michael Foley, Deerfield Discovery and Development CEO

Deer­field Dis­cov­ery nets $50M from the state of New York and par­ent com­pa­ny

The dis­cov­ery arm of the health­care in­vest­ment play­er Deer­field Man­age­ment Com­pa­ny is get­ting a ma­jor fi­nan­cial boost.

Deer­field Dis­cov­ery and De­vel­op­ment will re­ceive $25 mil­lion, over five years, from the state of New York and Em­pire State De­vel­op­ment, a state or­ga­ni­za­tion that of­fers grants, loans and oth­er as­sis­tance to com­pa­nies. An­oth­er $25 mil­lion will come from Deer­field Man­age­ment.

The funds will go to­ward the build­out of a 6,000-square-foot lab space at Cure, a health­care cam­pus found­ed by Deer­field at 345 Park Ave. South in New York City. The mon­ey will al­so be used for pur­chas­ing equip­ment and soft­ware, op­er­at­ing costs and oth­er items.

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