Johnson & Johnson invests $30 million in deal with Russia's Skolkovo
US health care giant Johnson & Johnson (NYSE: JNJ), together with its pharmaceutical division Janssen Pharmaceutica, has signed an agreement with the Russian Skolkovo Foundation, for the development of innovative Russian pharmaceutics products and the support of Russian startups in the field of medicine. The initial investment fund is estimated to be around $30 million.
The agreement involves the establishment of a venture fund, which will be managed by J&J and Russia’s ChemRar on a parity basis, and is expected to be focused on the implementation of scientific projects, initiated by the partners.
According to Viktor Vekselberg, head of the Skolkovo Foundation, as part of the agreement, by 2016 the partners plans to implement at least 50 projects. Particular attention is expected to be paid to the development of drugs against such socially significant diseases such as cancer, tuberculosis, hepatitis C.
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