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.
Pennsylvania Biotechnology Center (PABC) Announces $5 Million Investment from Bucks County Employees Retirement Board
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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 $
UpdatedWed, May 5, 2021 at 4:25 pm ET
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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.