Pennsylvania Biotechnology Center (PABC) Announces $5 Million Investment from Bucks County Employees' Retirement Board
News provided by
Share this article
Share this article
DOYLESTOWN, Pa., May 5, 2021 /PRNewswire/ -- The nonprofit Pennsylvania Biotechnology Center (PABC), one of the nation's most successful life sciences incubators, today announced a major pledge by a local government agency to invest in the Hatch Biofund.
The Bucks County Employees' Retirement Board will invest up to $5 million in the Hatch Biofund, which is intended to support PABC-member companies. The Hatch Biofund was created by the Baruch S. Blumberg Institute, which manages the PABC.
The $5 million investment in the PABC by the Bucks County Employees' Retirement Board follows a $10 million commitment made in March by Daiichi Sankyo, one of the largest pharmaceutical companies in Japan with a U.S. headquarters in Basking Ridge, N.J. Also last month, Provco Group LLC of Villanova, Pa., agreed to invest $2 million in the Hatch Biofund. The fund's leadership hope to raise $50 million with a first close in the coming months.