The pharmaceutical corporation is closing its corporate venturing unit, and will instead invest in strategic partnerships with mid-sized companies.
Pharmaceutical corporation Biogen Idec is moving out of corporate venturing, according to comments made by Steve Holtzman, Biogen Idec’s executive vice president of corporate development, in an interview with finance website Xconomy.
Launched in 2004, one year after the company was created from a merger between pharmaceutical companies Biogen and Idec, Biogen Idec’s corporate venturing division, the New Ventures Group, has since invested $200m. However, the unit is being shut down in favour of further licensing partnerships with pharmaceutical companies…
