Bethel Finance news:
The Israeli government and OrbiMed Healthcare Fund Management signed an agreement today to form a $200 million joint life sciences investment fund.
The OrbiMed Israel Partners fund will invest in Israeli life science companies, Finance Minister Yuval Steinitz and OrbiMed General Partner Jonathan Silverstein said at a press conference in Jerusalem today. OrbiMed has raised $160 million and the government will invest the remainder.
“The decision to operate in Israel is due to our recognition of the great potential in Israel in the area of life sciences in the next few years,” Silverstein said.
Israel is trying to capitalize on its life sciences industry, which includes 700 companies, to help boost growth following the global crisis. The government is aiming to partner with the private sector to help translate research and development achievements into commercial successes.
OrbiMed, a U.S. based-investment firm with more than $5 billion in assets under management, invests in pharmaceutical, biotechnology and medical device companies. The company has invested in Israeli companies for the past decade, including Given Imaging Ltd.
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