France establishes a new biotech fund to promote early-stage companies

| By | Biotechnologies, Investments

The French government has agreed to launch a 100 million fund aimed at promoting early-stage biotechnology companies, said French Prime Minister Edouard Philippe.

French state bank BpiFrance will contribute 50 million to the venture with drugmaker Sanofi committing to another 50 million, the government said, adding the size of the fund could then reach some 250 million depending on interest expressed by other potential investors.

The government also said it would aim to speed up the market access of reimbursed medicines by 2022, targeting 180 days compared to a current average of up to 275 days, to comply with European Union regulation.

French Prime Minister was speaking after a meeting with industry executives.

SOURCE: reuters
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