AID Partners Holdings (AID) has committed to raising and spending up to $200 million to setup a "healthcare headquarters" in Israel where all of the company's clinical trials and technological breakthroughs are expected to take place.According to a release, the plans are to focus on innovations surrounding coronavirus, including mobilizing the clinical trial of prophylactic antibody against angiotensin-converting enzyme 2 (ACE2); kicking off construction of GMP-compliant manufacturing facilities for gene therapy and mRNA vaccines; and setting up a bioengineering incubator with a venture capital fund.
ACE2 receptors are the protein that provides the entry point for COVID-19 to hook into and infect human cells.
“The success of the Israeli health care industry is a beacon to the world," said Kelvin Wu, chairman and founder of AID. "We hope to contribute as a beam of light of that very beacon.”Based in Hong Kong, AID began investing in Israel in 2017 when it purchased a genomic profiling laboratory in the country. In 2018, in founded AIG Genomics along with a prominent Japanese VC to develop disruptive ideas and technologies to fight cancer.When the coronavirus pandemic began, AID shifted to coronavirus testing, ultimately becoming one of the country's largest testing labs.
“We are very proud that we have gathered one of the best teams in the world from Israel during the fight against the pandemic. We have full confident to keep growing our team and investments with the support of the Israeli healthcare community," Wu added. "We wish to tighten our connection with the government, academia and investments circle, as well as the entrepreneur community in Israel."Snir Zano, CEO of AID Genomics and Venture Partner, said: “It is my honor and my major achievement as an Israeli to convince my partners to weigh our health care investments in favor of Israel, as AID has many other options to anchor our health care HQ. I am confident as my country is behind me. Together we can bring our Israeli experience to the world."