Clal Biotechnology Industries, an Israel-based life sciences division of IDB Holding Corp and local drugs maker Teva Pharmaceutical Industries, is to start a NIS250m ($73m) fund for medical devices companies.
The company is seeking a partner from among Israeli institutional investors, according to news provider Globes that revealed the story.
Clal Biotech’s management subsidiary Arte Venture Group will serve as the fund’s management company.
Teva owns 14.6% of Clal Biotech, has no medical devices operations, and it will probably not participate in the new fund, except indirectly through its holding in Clal Biotech, Globes said.