Pfizer Inc. (NYSE:PFE; LSE:PFZ) will invest in Biomedix Incubator Ltd. (TASE:BMDX) subsidiary Meytav Technological Enterprises Innovation Center Ltd. and jointly establish a second incubator in the Galilee.
Sources close to Minister of Industry, Trade and Labor Eli Yishai told “Globes” that Pfizer plans to launch R&D activity in Israel. The sources said Israel would have to amend its intellectual property protection laws, which are believed to give preference to generic drug makers in contrast to corresponding European and US laws, before international pharmaceutical companies would launch activity in Israel. Nevertheless, it seems that Pfizer has taken the decision in principle to invest in Israel, even though the law has not yet been amended.
Pfizer Israel, which markets the company’s products, has been in business for years, but Pfizer has never had R&D activity in the country. Activity by international pharmaceutical companies is considered a necessary condition for the success of a local biomedical industry. Pfizer will be more than a financial investor in Meytav; it will likely also support some start-ups that graduate from the incubator.
Meytav executives will be responsible for the joint activity with Pfizer, although they will be joined by other executives.
Biomedix CEO is Ran Nussbaum and its chairman is Tomer Kariv from Pontifax fund, which was founded by Teva chairman Eli Hurvitz.
Published by Globes [online], Israel business news - www.globes.co.il - on October 30, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007