The technological incubator of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Philips Healthcare officially began operations yesterday. Based in the Ra'anana high-tech industrial park, the incubator is called Sanara Ventures. Sanara is Latin for to heal or to cure. Teva and Philips Healthcare won the tender to operate the incubator from the Office of the Chief Scientist of the Ministry of the Economy.
Sanara Ventures will be managed by Assaf Barnea, who formerly managed the Kinrot Ventures incubator. The incubator is designed for early-stage health-tech companies, and will provide funding and mentoring in a wide range of medical categories in medical devices, and medical technologies that complement drug development. These include digital health, continuum of care and disease management, patient diagnosis, sensing and monitoring, emerging imaging modalities, drug delivery and drug device combinations.
Over the next 8 years, Teva and Philips Healthcare are committed to investing up to NIS 100 million (as required) in the incubator's companies.
Royal Philips president and CEO Frans van Houten said, "Israel has a major record of achievement in innovation, which Philips is a partner to through our extensive R&D investments in the country. I am convinced that this step will promote and strengthen even more healthcare innovation in Israel."
Teva president and CEO Erez Vigodman said, "This unique cooperation between Teva and Philips expresses our faith in the important potential contribution of science and innovation in Israel in Teva's future directions and illustrates our commitment to operate and invest in Israel."
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015