The Pennsylvania Biotechnology Center in Doylestown received another major pledge for investment in the nonprofit’s Hatch Biofund. The Bucks County Employees’ Retirement Board said it will invest up to $5 million to support PABC-member companies.
The investment follows a $10 million commitment made by Japanese pharmaceutical company Daiichi Sankyo in March and a $2 million investment from the Provco Group of Villanova, which was made last month.
More than 80 companies belong to the PABC. They are mostly small to mid-size research and pharmaceutical companies. About 40 of the member companies have operations on site.
Bucks County Controller Neale Dougherty called it a good investment.
“Our primary responsibilities on the Bucks County Retirement Board are to protect and grow the Bucks County Employees Retirement Fund. This investment in the Hatch Biofund allows us to meet those goals,” he said. “The establishment of the Hatch Biofund, which will support early stage and startup companies that are Pennsylvania Biotech Center members, is an obvious natural progression for the PABC.”
Companies that apply for investment from the Hatch Biofund will be chosen by a scientific advisory committee and approved by the investment committee.