BIOVEST BACKING NEW BIOTECH VENTURES UNDER LEADERSHIP OF FORMER HYBRITECH EXECS
BIOVEST BACKING NEW BIOTECH VENTURES UNDER LEADERSHIP OF FORMER HYBRITECH EXECS Howard Greene and Timothy Wollaeger. Biovest Partners, a venture capital firm specializing in helping establish new biotech firms, was founded "to launch new medically-oriented biotechnology companies by building on management techniques that proved so successful for Hybritech," the company explained Nov. 19. Greene was chairman of Hybritech and Wollaeger, chief financial officer, before the firm's purchase by Lilly. Wollaeger emphasized the dual financial funding/scientific guidance role that might be provided from San Diego-based Biovest. "As venture capitalists we can supply the seed capital for new biotechnology companies," Wollaeger stated. "But more importantly, as Hybritech alumni we can also supply hands-on operating experience in an industry which is too young to have produced many seasoned managers." Hybritech was one of the first firms to commercialize biotechnology principles applied to diagnostic testing. In an agreement finalized early this year, Lilly acquired the firm in a deal valued at approximately $300 mil. Greene was chief executive of Hybritech from inception until the merger. Wollaeger was chief financial officer for four years. The two left the company shortly after the merger to lay the groundwork for Biovest Partners. The Hillman Company and Sutter Hill Ventures, two important venture capital investors in Hybritech, are joining Greene and Wollaeger as limited partners in the new firm. Hillman and Sutter Hill also were early investors in Genentech, Integrated Genetics and Life Scan. Stanford University also was a shareholder in Hybritech and is a limited partner in Biovest.
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