Teva Pharmaceutical Industries, a Nasdaq and Israel-listed drugs maker, is reportedly planning to set up a corporate venturing fund having made several successful minority equity investments from its balance sheet historically.
News provider Globes said Aharon Schwartz (pictured), vice-president of Teva Innovative Ventures, would be "responsible for investing in start-ups and reaching licensing agreements with universities as part of the company’s effort to expand its pipeline of innovative drugs". Schwartz was unavailable on his email.
Teva’s exisitng early-stage investments from its balance sheet include Polyheal, Mediwound and CureTech and earlier this week, Teva invested $7.5m in CoCrystal Discovery for the rights to a Hepititis C drug and 23% of the portfolio company’s shares through options. CoCrystal previously raised $10m in 2008 from family office Frost Group, whichinvests on behalf of Teva chairman, Philip Frost.
The formation of corporate venturing fund follows Teva’s acquisition of US-based peer Cephalon.