Sources inform ''Globes'' that Israel Makov and a team of biomedical industry executives are about to establish an investment fund that will invest in companies in the industry. The sources add that they have already begun raising capital for the venture.
Makov is on vacation and is not available for comment.
When Makov was named chairman of Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) a year ago after his departure from CEO of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), it was clear to everyone that this would not be his only job. In addition to his duties at Given Imaging, Makov has chaired government committees, attended conferences, and undertaken other duties, even as he kept his future plans shrouded in secrecy.
Since leaving Teva, the path to Makov's office has been well trod by many people offering him a job, partnership, or investment, and he has reviewed the offers. Now he seems ready to respond to some of them. The first indication of his interests came a few weeks ago with his investment in BrainsGate Ltd.. The planned biomedical investment fund is a further sign of his new activities.
The sources said that the fund would have at least $50 million, and the goal is to raise $150 million. Makov will head the fund and manage it. The sources said that the fund would not be a classic-style venture capital fund, but will invest in a small number of extraordinary ventures, including in laboratories and plants in Israel with the goal of building promising companies to reach the stage of independent sales while continuing to be locally based.
"Globes" recently reported that former Teva CFO Dan Suesskind had linked up with medical device entrepreneur Prof. Shlomo Ben-Haim to set up an investment fund for medical devices companies based Ben-Haim companies. There is no apparently connection between this venture and Makov's.
Makov is also in advanced negotiations to become chairman of RNA interference (RNAi)-based drug development company Quark Pharmaceuticals Inc. It is not known if he has officially been offered the position, but he was included in company fundraising and partnership-seeking delegations in recent months.
Quark's CEO is Dr. Daniel Zurr. The company obtained an initial investment of several million dollars from Oracle founder Larry Ellison. The company has raised nearly $100 million to date and is undergoing Phase II clinical trials for its two most advanced drugs, one for the treatment of age-related macular degeneration (AMD) and diabetic macular edema (DME).
Published by Globes [online], Israel business news - www.globes-online.com - on September 11, 2008
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