Monash University has acquired a prime Parkville property that will become a key addition to its Parkville campus – home to Monash's world-leading Faculty of Pharmacy and Pharmaceutical Sciences – and significantly advance Australia's biomedical research capabilities to drive the discovery and development of new medicines.
Monash Institute of Pharmaceutical Sciences researcher in the lab (image supplied)
The property, previously owned by Australia's national science agency CSIRO, is planned to be refurbished to provide more space for expansion of world-class facilities for the Monash Institute of Pharmaceutical Sciences (MIPS). MIPS is a world-leading Institute with a focus on research that drives the discovery and development of new and improved drugs, and enhances the safe and effective use of medicines.
President and Vice-Chancellor Professor Margaret Gardner AC said the property would become a research hub for a range of key priority areas.
"The new property will be instrumental in bridging the gap between the deep expertise of Australian science in fundamental biology and the translation of this expertise into new medicines," Professor Gardner said.
This will enable expansion of activities in medicinal chemistry, drug candidate optimisation and drug formulation that will support the translation of breakthrough biology into advanced preclinical and clinical drug candidates suitable for commercial progression. It will also enable development and expansion of recent areas of focus for Monash, such as mRNA therapeutics, next generation neuromedicines, and novel mechanisms of drug screening and structure-based drug design.
"This will allow our researchers to enhance opportunities for translational medicine and commercial spin-out activity, both within Monash and across the sector," said Professor Gardner.
"The University has a long and close relationship to CSIRO, and we extend our gratitude to their staff and the Commonwealth Government for their support in making this important acquisition for Monash, and for Australia's biomedical sector, a reality," Professor Gardner concluded.
CSIRO will continue to maintain a small presence at the Royal Parade site. The majority of CSIRO's Parkville staff have now relocated to refurbished spaces at Clayton, in the heart of the Monash Technology Precinct, where they will continue their research. The proceeds of the property sale will be used by the organisation to continue its work solving the nation's greatest challenges.
Faculty Dean Professor Arthur Christopoulos FAA FAHMS said the Monash expansion will fill a significant capacity gap in the end-to-end production of locally discovered drug candidates, whilst also facilitating the creation of high-value, highly-skilled jobs in the pharmaceutical sector.
"Melbourne is one of the world's great centres of biomedical research and, with this new acquisition in Parkville's biomedical precinct, we have the potential to exponentially translate that research excellence into complementary industries, such as off-site manufacturing and clinical trials, as well as generating substantial biotechnology spinout opportunities and attracting multimillion-dollar inbound investments," said Professor Christopoulos.
"Pharmaceuticals represent a major growth sector, and Australia urgently needs to build its capacity to translate ground-breaking medical research discoveries into commercial, high-quality, clinical drug candidates for the treatment of major global health burdens."
Director of MIPS, Professor Chris Porter, said that the new facility will focus on continuing to place Australia at the forefront of drug discovery, development and innovation in new medicines for mental ill health; infectious diseases; cardiovascular, obesity and diabetes-associated disorders; chronic pain; maternal health and cancer, as well as developing new platforms, such as mRNA technology.
"To do this we need world-class facilities that promote the large interconnected and multidisciplinary collaborations that are critical for drug discovery and development, one of the most complex and resource intensive areas of research and development. The new site will provide the opportunity to continue our significant growth, to deliver world class pharmaceutical research facilities, to support the expansion of the rapidly developing Australian biotechnology start-up ecosystem and, ultimately, to improve health outcomes both within Australia and worldwide" said Professor Porter.
Melbourne is considered one of the world's three leading biomedical precincts, alongside London and Boston, and Monash's investment will further enhance the city's reputation as a global centre of medical and pharmaceutical innovation and excellence.
