NORWALK, Conn.--Perkin-Elmer announced that it will form a strategic alliance with NewcoGen Group of Cambridge, Mass., a new organization that plans to create, develop, and invest in new enterprises in life sciences and informatics. NewcoGen was recently formed by its president and CEO Noubar Afeyan, previously senior vice-president and chief business officer of PE. Under the partnership, the two companies will jointly assess new technologies and markets for potential startups, explore spin-out possibilities, and, when appropriate, establish early commercialization partnerships with new companies created by NewcoGen. PE initially will invest $5 million in a joint investment fund with NewcoGen to provide seed capital for new projects. This fund will co-invest alongside other investment funds within NewcoGen. Afeyan, who founded PerSeptive Biosystems, which PE bought two years ago, will continue with PE as a member of its board's technology committee and as a strategy advisor. "As we accelerate the shift of genetic analysis from academia to more robust commercial applications, we believe it is essential to have a partnership with an organization at the cutting edge of finding innovative technologies that can be developed into successful new ventures," commented Tony White, chairman, president, and CEO of PE, who also will serve on NewcoGen's board.
PE and NewcoGen Partner To Invest in Life Sciences And Information Fields
Sep 10, 1999