IIA launches tender for second biotech incubator
The Israel Innovation Authority (IIA) has launched a new competitive tender to open its second biotech incubator. The Authority’s technological start-up incubators have proven themselves an important tool for creating innovative companies in a variety of fields. This additional biotech incubator will serve as a gateway for multinational pharmaceutical companies and specialist investment funds to support Israeli start-ups.
This is another part of the ongoing Northern Plan which will reach NIS 920 million by the end of 2018. Following the government’s decision that the Authority examine the possibility of establishing a biotech incubator in the north, the IIA board decided to launch a new competitive tender for a second biotech incubator, following the success of the previous tender won by FutuRX.
It is hoped the new biotech incubator will help build the pharmaceutical industry in Israel by connecting investors and strategic partners who can help identify innovative technological projects and help transform them into new companies. The programme is undergoing an approval process as mandated by law.
The first tender brought two multinational corporations to Israel: Johnson & Johnson from the US and Takeda from Japan, together with the longestablished venture capital fund OrbiMed.