A fund that aims to develop the discovery of new medical drugs has been launched in Dundee.

The fund, backed by Dundee University and biotech company TPP Global Development, will be open to applications for drug research ideas from across the world.

It will look to finance drug development projects for unmet medical needs and is also receiving money from the Scottish Funding Council.

The activities of the fund, which was announced on Tuesday, will see successful applicants working with the university’s Dundee Drug Discovery Unit.

Professor Mike Ferguson, dean of research at the university’s college of life sciences, said: "TPP is the ideal partner for this collaboration.

"Their experience in translation and commercialisation of early stage research complements the Dundee Drug Discovery Unit’s technical expertise in early stage drug development and discovery.

"This collaboration will be of enormous value in taking forward the biomedical discoveries made across Scottish universities and the wider global academic community."