BioBoost, a consortium of OrbiMed Advisors LLC, Johnson and Johnson (NYSE: JNJ) and Takeda Pharmaceutical Co. Ltd. (TSE: 4502) has won the tender to establish the life sciences incubator as part of the Office of the Chief Scientist's incubator program.
The franchise for the biotech tender, like the franchise for all incubators since the reform, is for eight years. The consortium members will receive NIS 6.9 million in financing over three years, more than franchisees of incubators in other fields, as part of the government's wish to provide special support for the life sciences. Most of the incubator's companies will develop drugs, and a few will develop medical devices.