The University of Oxford has teamed up with a biopharmaceutical company to help the university's biomedical researchers develop new medicines.

Apollo Therapeutics will identify potential new medicines from therapeutic targets provided by Oxford’s researchers.

The partnership will enable quicker routes to market and greater access to clinical trials for patients.

The aim is to transform global care standards with new medicines across fields such as oncology, and immunological and inflammatory disorders.

Science and technology secretary, Peter Kyle, department for science, innovation and technology, said: "We want to harness life sciences to transform the UK’s healthcare and drive economic growth.

"Together, Apollo and Oxford University could deliver new medicines to help us tackle cancer, autoimmune disease, and more, improving and saving thousands of lives."

Professor Chas Bountra, pro-vice chancellor for innovation at the University of Oxford, added: "My amazing colleagues at Oxford have numerous cutting-edge research programmes for producing novel therapeutics for patients.

"Together we are going to transform the lives of millions of patients. I am immensely excited about this collaboration."

This is the sixth collaboration of Apollo with a university or academic research centre.

Dr Richard Mason, CEO of Apollo, said: "At Apollo Therapeutics we are ambitious in our mission to translate important new research discoveries into valuable new drugs.

"We are now working together with six of the world’s top universities and research centres to transform the standard of care in major commercial markets."