UPMC Enterprises announced earlier this month that it will deploy $1 billion to develop new drugs, diagnostics and devices by 2024. 

The commitment includes $200 million that has funded an immunotherapy-focused partnership with the University of Pittsburgh, which was announced in 2018.

Progress is being made on the project on originally called 5000 Baum, according to the University. The team is working toward the first phase opening in 2021. One change — the building’s address will be 5051 Centre Ave., instead of 5000 Baum Boulevard, because that side of the building isn’t the primary entrance.

UPMC Enterprises will seek other investments and partners globally that complement the scientific and commercial work already underway in 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,” said UPMC Enterprises Executive Vice President Jeanne Cunicelli. “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.

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