Genzyme mulls Israel biotech incubator bid

Israel currently has one biotech incubator: Bioline Innovations in Jerusalem.

Genzyme Corporation (Nasdaq: GENZ) is interested in participating in the tender to set up a new biotechnology incubator, Genzyme Israel general manager Zeev Zelig told "Globes". An international company cannot wholly own an incubator, and Genzyme is seeking Israeli partners to make a joint bid in the Ministry of Industry, Trade and Labor tender.

Pfizer Inc. (NYSE: PFE; LSE: PFZ) had expressed interest in the past in gaining exposure to Israeli start-ups. Pfizer considered making a joint bid in the tender with Meytav Technological Enterprises Innovation Center Ltd..

The new biotechnology incubator is no more than an idea at this stage, and there is no certainty that it will ever been established. However, Genzyme is taking no risks and is already preparing a bid. The Technical Incubators Program currently operates one biotechnology incubator, Bioline Innovations in Jerusalem, owned by BiolineRX Ltd. (TASE:BLRX).

Published by Globes [online], Israel business news - - on May 7, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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