Morris Kahn leaves Israel Biodiscovery Fund

Businessman Morris Kahn has withdrawn from the Israel Biodiscovery Fund, which was formed for the purpose of competing in the tender for the biotechnology incubators. The consortium includes Edmond de Rothschild Venture Capital Management, the Wertheimer group, Institut Pasteur, and European biotechnology companies Aventis (NYSE: AVE; LSE: AVN; XETRA; Paris:AVEP), Bio-Rad Laboratories (AMEX: BIO; BIO/B), and Sanofi.

Eager Biogroup chairman Prof. Max Herzberg, who heads Israel Biodiscovery, confirmed Kahn's withdrawal and said it had taken place after publication of the results of the first tender. Herzberg said Kahn objected to government bureaucracy, but would continue his involvement in biotechnology in the Negev, perhaps by contributing to Ben Gurion University of the Negev.

Contradicting reports that Israel Biodiscovery, the sole bidder in the second tender, was staying out, Herzberg told "Globes" that his consortium would indeed take part. According to Herzberg, he had changed the manner in which the consortium would bid in the tender. Some of the changes took into account apparently reasonable requirements in the first tender, while he had initiated others himself. Among other things, Herzberg decided he would not manage the incubator himself, and was now on the lookout for a CEO. He is also planning a number of administrative changes in the incubator.

Published by Globes [online] - www.globes.co.il - on August 29, 2002