Pennsylvania Biotechnology Center announces $5M investment from retirement board

Pennsylvania Biotechnology Center (PABC), a nonprofit life sciences incubator based in Doylestown, announced Wednesday that it had received a major investment pledge by the Bucks County Employees’ Retirement Board.

The Board has pledged to invest up to $5 million in the Hatch Biofund. Created by the Baruch S. Blumberg Institute, which managed the PABC, the money supports PABC-member companies.

The pledge follows a $10 million commitment made by Daiichi Sankyo, one of the largest pharmaceutical companies in Japan with a U.S. headquarters in Basking Ridge, N.J., in March, and a $2 million investment pledge from Provco Group LLC of Villanova, Pa. Hatch Biofund’s leadership hope to raise $50 million with a first close in the coming months.

PABC is made up of more than 80 mostly small to mid-size research and pharmaceutical companies. Of those, about 40 have on-site operations. A scientific advisory committee will choose companies that apply for investment from the Hatch Biofund before being approved by the investment committee.

“The Center is a jewel in Bucks County’s crown that has been highly successful in terms of science and economic development,” said Louis P. Kassa, the PABC’s executive vice president and chief operating officer. “Our county’s leadership has always been supportive, and this new investment is major step forward. Their commitment will help accelerate our efforts, advancing research and helping our companies grow, which can mean a significant number of new jobs. So, this is genuinely a win-win scenario in all respects.”

Representatives from Bucks County said the investment is a smart one for all parties.

“For 15 years, the PA Biotechnology Center has been quietly changing the world through its innovative and collaborative approach to 21st Century medicine and science,” Bucks County Commissioner Robert J. Harvie, Jr. said. “For our entire history, Bucks County has been a place where dreams can become reality, and the launch of the Hatch Biofund is another part of that story.”