Pennsylvania Biotechnology Center announces $5M investment f

Pennsylvania Business Report
Pennsylvania Biotechnology Center announces $5M investment from retirement board
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Pennsylvania Biotechnology Center (PABC), a nonprofit life sciences incubator based in Doylestown, announced Wednesday that it had received a major investment pledge by the Bucks County Employees’ Retirement Board.
The Board has pledged to invest up to $5 million in the Hatch Biofund. Created by the Baruch S. Blumberg Institute, which managed the PABC, the money supports PABC-member companies.
The pledge follows a $10 million commitment made by Daiichi Sankyo, one of the largest pharmaceutical companies in Japan with a U.S. headquarters in Basking Ridge, N.J., in March, and a $2 million investment pledge from Provco Group LLC of Villanova, Pa. Hatch Biofund’s leadership hope to raise $50 million with a first close in the coming months.

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