Funding for Polish Biotechs Following Lockheed's F-16 Scoop
Lodz - Polish government officials announced earlier this year that a significant portion of the offset investment package to be raised by the US company Lockheed Martin - as part of a closed defence deal between the Polish government and the company - will be directed to boost modern industries, namely biotechnology and related sectors. Lodz, the second largest city in Poland, has been chosen as a first target for Lockheed's investment. The company offered the University of Lodz a scheme of allocating a $250 million grant and to launch a co-operation with the University of Texas. The Universtiy of Lodz will use the funds in co-management with the Medical University, the Technical University and the Polish Academy of Science.
Two Polish companies BioInfo Bank and BioTech Consulting have introduced a new joint initiative aiming at the creation of a special fund for financing biotechnology projects and promising start up companies. The draft named “BioInfo Fund & Transfer” was submitted to the Polish governmental authorities, represented by the State Offset Committee and the State Commitee for Scientific Research.
Central concepts of the draft are the transfer of modern technologies from the US to Polish pharmaceutical companies and the setup of a biotech incubator at Lodz, based on the existing infrastructure as well as on joint-ventures between Polish and American companies.
In late December Poland named Lockheed as the winner of a three-way tender to suply 48 combat jets in a $3.5 billion deal. Under Polish law reciprocal investments, or “offset” investment, has to be raised by the US company. The offset package is to meet at least 100% of the awarded order. Lockheed proposed more than 100 projects totalling some $9.8 billion thereby out-scoring French Dassault Aviation and the British-Swedish consortium BAE Systems/Saab.