J&J, Orbimed to bid jointly in biotech incubator tenderFeb. 23, 2013
Johnson & Johnson and OrbiMed Advisors LLC will jointly bid in the Office of the Chief Scientist's biotech incubator tender. Johnson & Johnson, which has early-stage operations in Israel, will bid in the tender through Johnson & Johnson Development Corporation (JJDC).
JJDC has made only a few investments in Israel in recent years, but its teaming up with Orbimed in the tender may indicate a change. JJDC VP venture investments Zeev Zehavi handles investments in Israel and Europe. Johnson & Johnson is very active in Israel; subsidiaries include Biosense Webster Inc., acquired in the mid-1990s and which now has over $1 billion in annual sales; and Omrix, acquired in 2009. The two companies have hundreds of employees in Israel.
Orbimed Israel, which manages $222 million, is a major investor in Israeli life sciences companies. It has invested $30 million to date, including $7.12 million in RDD Pharma, $4.3 million in Otic Pharma Ltd., $8 million each in Medigus Ltd. and BiolineRX Ltd., and $3 million in cCam Biotherapeurics Ltd.
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