ICF biotech equity investment
Executive Summary
Washington, D.C. consulting firm has invested $3 mil. in New Haven, Connecticut-based Bios, a year-old biotech company developing DNA blots and DNA research equipment. The agreement, which involves a $1.5 mil. up-front payment with the balance in milestone payments over the next two to three years, is ICF's first direct investment in health care-related R&D. ICF, a privately held consulting firm, recently merged with Lewin Associates, another D.C. consulting firm, which specializes in health care. ICF had revenues of $68 mil. in 1986.