Millions of investment dollars are flowing to Pennsylvania Biotechnology Center, including a $5 million pledge from Bucks County Employees’ Retirement Board.
Leaders of the Buckingham biotech center, a nonprofit life sciences incubator, announced the pledge Wednesday. They said they were grateful local government leaders chose to invest in the Hatch Biofund, created two years ago to fund life science innovations through seed-stage member companies.
The Hatch Biofund Management team is working to raise $50 million to support companies that are members of the biotech center. The $5 million investment by the Bucks County Employees’ Retirement Board follows a $10 million commitment made two months ago by Daiichi Sankyo, one of the largest pharmaceutical companies in Japan with U.S. headquarters in Basking Ridge, New Jersey.
UpdatedWed, May 5, 2021 at 4:25 pm ET
Reply
The Pennsylvania Biotechnology Center in Buckingham Township is considered one of the most successful life science incubators in the country. (Shutterstock)
BUCKINGHAM TOWNSHIP, PA The Bucks County Employees Retirement Board has made a multi-million dollar pledge to fund the Pennsylvania Biotechnology Center and its partners.
The board s $5 million commitment will help the Buckingham based research institute reach its $50 million fundraising goal for the Hatch Biofund, which is intended to support PABC member companies. The fund was created by the Baruch S. Blumberg Insititute, based in Doylestown, which manages the PABC.
More than 80 small to mid-size research and pharmaceutical companies belong to the PABC, and about half of them have operations on site in Bucks County.