US-based biotechnology company Biogen is considering committing capital to a fund that is raising $50m to $100m, and which will fund Israel-based biotech startups, Globes has reported.
The Israel Biotech Fund will be helmed by Yuval Cabilly, who is acting as general partner. Cabilly is the son of Shmuel Cabilly, the inventor of technology reportedly used by biotech companies to develop more than 500 drugs.
The fund has accumulated 25 venture advisers, including Sol Barer and Jeff Kindler, former chief executives of pharmaceutical firms Celgene and Pfizer respectively. Apart from Shmuel Cabilly, the identity of its limited partners so far remains undisclosed.
Israel Biotech Fund plans to target Israel-based biotech startups that have advanced their drug candidates to clinical trials, or which are set to do so in the near future.