In partnership with the Sohn Conference Foundation, the Pershing Square Foundation has announced the launch of an alliance dedicated to accelerating cures for cancer.

The Pershing Square Sohn Cancer Research Alliance's first initiative, the Pershing Square Sohn Prize for Young Investigators in Cancer Research, will award stipends of $200,000 per year for up to three years to New York City-based scientists to pursue their boldest research at a stage when traditional funding is lacking. The alliance also will award $1 million to the Sohn Conference Foundation in support of the Damon Runyon-Sohn Pediatric Cancer Fellowship Award.

The Pershing Square Sohn Cancer Research Prize is designed to foster collaboration among scientists, academics, nonprofits, business investors, and the biotech and pharmaceutical industries by directing philanthropic funds in support of critical scientific discoveries and attracting like-minded investors to the cause of fighting cancer and creating a pipeline for early stage biomedical investments. Winners of the prize will present their most innovative and promising work to investors at the Sohn Conference during its annual meeting in May.

"The Pershing Square Foundation is proud to support scientific leaders in the fight against cancer," said Bill Ackman, co-founder of the Pershing Square Foundation and CEO of Pershing Square Capital Management. "The Pershing Square Sohn Cancer Research Alliance will enable innovators to find cures that benefit society. This is especially critical now as the scientific research community faces the most drastic federal defunding in decades."