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IATI - Israel Advanced Technology Industries
IATI - Israel Advanced Technology Industries
IATI News & Events Daily Industry News J&J, Takeda, Orbimed consortium win biotech incubator tender

J&J, Takeda, Orbimed consortium win biotech incubator tender

Aug. 14, 2013

BioBoost, a consortium of OrbiMed Advisors LLC, Johnson and Johnson and Takeda Pharmaceutical Co. has won the tender to establish the life sciences incubator as part of the Office of the Chief Scientist's incubator program.

The franchise for the biotech tender, like the franchise for all incubators since the reform, is for eight years. The consortium members will receive NIS 6.9 million in financing over three years, more than franchisees of incubators in other fields, as part of the government's wish to provide special support for the life sciences. Most of the incubator's companies will develop drugs, and a few will develop medical devices.

BioBoost beat a consortium of Minrav Holdings and AstraZeneca. The threshold condition for establishing the incubator was a big pharma company as one of the franchisee's partners, together with a financial partner. BioBoost includes two big pharma companies, one of which, Japan's Takeda, has no operations in Israel.

Orbimed Israel senior managing director Dr. Nissim Darvish said, "The intention is to create a network of companies, each of which stands on its own, but will have ties between them. We are not limiting ourselves to any field, especially not fields in which Johnson and Johnson and Takeda operate. We are aiming for companies that will make money. The incubator is not designed to fill the corporations' products pipeline."

For the full Globes news item click here.

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