Sources inform ''Globes'' that Burrill & Company, one of the world's leading life sciences investment company is establishing a fund to invest in Israeli companies.
Burrill's special advisor for the fund Jeff Miller will host the fund's launch and the start of its fundraising tomorrow. He declined to provide details, saying only, "The intention is to establish a fund similar to Orbimed's fund in Israel."
OrbiMed Advisors LLC, another leading life sciences investment fund, raised $240 million with the support of the Office of the Chief Scientist for investment in Israeli companies. Orbimed won the Chief Scientist tender for a life sciences fund. The fund's conditions included a $75 million investment by the Israeli government and hedges against losses.
Burrill was interested in the tender, but, so far as "Globes" is aware, it did not participate in it, or were not a finalist, even though it met the tender's conditions. Since Orbimed was the only winner in the tender, Chief Scientist Avi Hasson told "Globes" that he would consider steps to create more funds with his support.
Miller said, "We met with the Chief Scientist and we will see what collaboration is possible, but this is an independent venture for now."
Burrill will raise most of the capital from US and Israeli institutions, with some money coming from its own sources."[CEO] Steve Burrill has not made this decision," says Miller.
Burrill & Company manages $1.5 billion in venture capital and private equity funds. The San Francisco-based company operates worldwide, and Steve Burrill has made numerous visits to Israel in the past few years. The Israeli office is planned for Jerusalem.
Miller first mentioned the planned Israeli fund at a reception by BioJerusalem at the ILSI Biomed 2012 National Life Sciences and Technology Week conference yesterday.
Back in 2004, Burrill considered investing in Israeli life sciences companies, and set up a joint venture with Kesselman & Kesselman pwc Israel to examine investments in companies. In the end, it made only two small investments in cleantech company Virdia Ltd. and another company. In 2010, Burrill and Infinity Private Equity signed a cooperation agreement to make joint investments in China.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2012
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