BioBoost, a consortium of US-based healthcare company Johnson & Johnson, Japan-based pharmaceuticals company Takeda Pharmaceuticals and venture capital firm OrbiMed, has won its bid for a license to run a biotech incubator which is being set up under Israel’s Technological Incubators Program. Big Boost was running against a rival consortium comprised of UK-based pharmaceutical company AstraZeneca and Minrav Holdings.
The license lasts for eight years, and the consortium will receive $1.9m financing from Israel’s Chief Scientist over three years. The incubator’s companies will work on drug and medical device development.
Dr. Nissim Darvish, Orbimed Israel senior managing director, said that the consortium intended to create a network of standalone companies which would 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. Each of the incubator’s partners has already allocated a substantial amount to support the good companies, after three years at the incubator.”
Although the size of allocations has not been disclosed, BioBoost’s members are reported to have pledged an estimated $28m to supporting their incubator’s companies.