Phoenix Group (TASE: PHOE), one of Israel’s largest insurance and finance companies, and Arkin Holdings, an investment entity specializing in the life science field, have teamed up to invest in pharma and biotech companies.
The approx. $60m partnership, called ‘Arkin Bio-Ventures’, aims to invest in companies that develop promising innovative pharmaceuticals in pre-clinical and more advanced stages, both in Israel and globally.
Dr. Pini Orbach, Head of Pharma at Arkin Holdings, will manage the Arkin Holdings (51%) and Phoenix (49%) partnership. On behalf of Phoenix, Mr. Elad Givoni, Head of Private Equity, led the venture.
Phoenix Group manages approximately NIS 160 Billion through a variety of investment channels and various fields, such as real estate, non-bank financing, Private Equity and more. The joint venture will expand the company’s investment and return opportunities in private pharma companies, in Israel and worldwide.
Founded by Mr. Mori Arkin and managed by Mr. Nir Arkin, Arkin Holdings is an Israel-based life science investor which has performed strategic investments in recent years in private pharma and biotech companies. The most prominent is cCAM Biotherapeutics, a clinical-stage cancer immunotherapy company, which was acquired by Merck in July 2015 for a total of approximately $605 Million.
The Arkin Group also operates in the life science field through Accelmed Fund, which manages over $250 Million invested in medical device, and through Sphera Global Healthcare fund, an Israeli large hedge fund managing approximately $500 Million invested in public pharma companies.